Finance Minister Arun Jaitley in Budget 2017 proposed creation of a six-member Payments Regulatory Board in the RBI, by replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems.
It will be headed by RBI Governor.
The Reserve Bank will be the designated authority for the regulation and supervision of payment systems.
The RBI Governor will be Chairperson, ex officio. The Deputy Governor who is in—charge of the Payment and Settlement Systems—Member, and one officer of the Reserve Bank to be nominated by its Central Board will be its members.