Why in News?
The first meeting of the Payments Regulatory Board (PRB) was held in Mumbai under the chairmanship of the RBI Governor.
Payments Regulatory Board:
Payments Regulatory Board (PRB) is a six-member statutory body within the Reserve Bank of India (RBI) established to regulate and oversee the country’s payment and settlement systems. It became operational by replacing the earlier Board for Regulation and Supervision of Payment and Settlement Systems (BPSS).
- Composition: Chaired by the RBI Governor (currently Sanjay Malhotra), it includes two other RBI representatives and three nominees from the Central Government.
- Focuses on regulation and supervision of digital and non-cash payment systems.
- Decisions are made by a majority vote; the Chairperson holds a casting vote in case of a tie. The board must meet at least twice a year
