On January 5, 2026, the first meeting of the Payments Regulatory Board (PRB) was held in Mumbai, chaired by Shri Sanjay Malhotra, Governor. The PRB was constituted following an amendment to the Payment and Settlement Systems Act, 2007, effective May 9, 2025.
The Board reviewed the functions of the Department of Payment and Settlement Systems, focusing on domestic and global payment systems. The draft Payments Vision 2028 was presented, and Members provided strategic guidance for India's payment ecosystem development. The RBI's Survey on Digital Payments findings were also presented.
The following members of PRB attended the meeting: Shri S. Krishnan, Secretary, Ministry of Electronics and Information Technology; Shri Nagaraju Maddirala, Secretary, Department of Financial Services; Smt. Aruna Sundararajan, IAS (Retd.); Shri T. Rabi Sankar, Deputy Governor; and Shri Vivek Deep, Executive Director.
The Press Release number is 2025-2026/1858. Brij Raj, Chief General Manager, issued the release. Contact information for the Reserve Bank of India is available at website www.rbi.org.in, or by email at helpdoc@rbi.org.in. The Department of Communication, Central Office, is located at Shahid Bhagat Singh Marg, Fort, Mumbai - 400 001. The phone number is 022 - 2266 0502.
Key Entities Referenced
Payments Regulatory Board (PRB): Board responsible for regulating payments systems.
Payment and Settlement Systems Act, 2007: Act that provides the legal framework for payment and settlement systems in India.
Reserve Bank of India: India's central bank, responsible for regulating the banking sector and payment systems.
Payments Vision 2028: Document outlining the strategic vision for payment systems development.
Mumbai: Location where the meeting of the Payments Regulatory Board (PRB) was held.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व ब ैंक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
January 5, 2026
1st Meeting of Payments Regulatory Board
The first meeting of the Payments Regulatory Board (PRB) was held today in
Mumbai under the Chairmanship of Shri Sanjay Malhotra, Governor. It may be
recalled that PRB was constituted consequent to an amendment in the Payment and
Settlement Systems Act, 2007 which came into effect on May 9, 2025.
The Board reviewed the functions of the Department of Payment and Settlement
Systems and current focus areas covering both domestic and global payment
systems. The draft Payments Vision 2028 was presented, and Members gave
strategic guidance to ensure the continued development of India’s payment
ecosystem. A presentation on the major findings of the Survey on Digital Payments,
recently conducted by RBI, was also made.
Members of PRB viz., Shri S. Krishnan, Secretary, Ministry of Electronics and
Information Technology, Shri Nagaraju Maddirala, Secretary, Department of Financial
Services, Smt. Aruna Sundararajan, IAS (Retd.), Shri T. Rabi Sankar, Deputy
Governor, and Shri Vivek Deep, Executive Director, attended the meeting.
(Brij Raj)
Press Release: 2025-2026/1858 Chief General Manager