The Payments Regulatory Board has been constituted under Section 3 (2) of the Payment and Settlement Systems Act, 2007 (PSS Act, 2007). This is due to the recent amendments to Section 3 of the PSS Act, 2007 carried out vide the Finance Act, 2017 and coming into effect from May 9, 2025, with the issue of the Gazette Notification dated May 06, 2025, by the Department of Financial Services, Government of India. With the notification, the erstwhile Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) has been replaced with the Payments Regulatory Board from May 9, 2025.
The members appointed/nominated under the PSS Act, 2007 are:
* Governor (Chairperson)
* Deputy Governor, In-charge of the Payment and Settlement Systems (Member)
* Executive Director, In-charge of the Payment and Settlement Systems (Member)
* Secretary, Department of Financial Services (Member)
* Secretary, Ministry of Electronics and Information Technology (Member)
* Smt. Aruna Sundararajan, IAS (Retd.) (Member)
The Principal Legal Adviser of RBI is a permanent invitee to the meetings of the Board in terms of Regulations 3 (2) of the Payments Regulatory Board Regulations, 2025.
Press Release: 2025-2026/1202. Contact: Puneet Pancholy, Chief General Manager. RBI Website: www.rbi.org.in, Email: helpdoc@rbi.org.in, Phone: 022-2266 0502. Address: Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort, Mumbai - 400 001
Key Entities Referenced
Payment and Settlement Systems Act, 2007 (PSS Act, 2007): Governs the regulation and supervision of payment and settlement systems in India.
Payments Regulatory Board: A board constituted under Section 3 (2) of PSS Act, 2007 to regulate payments systems.
Department of Financial Services: Issued the Gazette Notification dated May 06, 2025, for amendments to Section 3 of the Payment and Settlement Systems Act, 2007.
Reserve Bank of India: Central bank of India whose Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) was replaced by the Payments Regulatory Board.
Finance Act, 2017: Act that made amendments to Section 3 of the Payment and Settlement Systems Act, 2007.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
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
September 30, 2025
Constitution of the Payments Regulatory Board
The recent amendments to Section 3 of the Payment and Settlement Systems
Act, 2007 (PSS Act, 2007) carried out, vide the Finance Act, 2017 came into effect
from May 9, 2025, with issue of the Gazette Notification dated May 06, 2025, by
Department of Financial Services, Government of India. With the notification, the
erstwhile Board for Regulation and Supervision of Payment and Settlement Systems
(BPSS), a committee of the Central Board of the Reserve Bank of India, has been
replaced with the Payments Regulatory Board from May 9, 2025.
2. The Payments Regulatory Board has been constituted under Section 3 (2) of PSS
Act, 2007 consisting of the following members:
Members of the Payments Regulatory Board appointed / nominated under PSS
Act, 2007
Section of
Sr.
the PSS Name
No.
Act, 2007
3 (3) (a) 1 Governor Chairperson
2 Deputy Governor Member
3 (3) (b)
In-charge of the Payment and Settlement Systems
3 Executive Director Member
3 (3) (c)
In-charge of the Payment and Settlement Systems
4 Secretary Member
Department of Financial Services
5 Secretary Member
3 (3) (d)
Ministry of Electronics and Information Technology
6 Smt. Aruna Sundararajan Member
IAS (Retd.)
The Principal Legal Adviser of RBI is a permanent invitee to the meetings of the Board
in terms of Regulations 3 (2) of the Payments Regulatory Board Regulations, 2025.
(Puneet Pancholy)
Press Release: 2025-2026/1202 Chief General Manager