RBI Sets Up Six-Member Payments Regulatory Board Led by Governor to Supervise India’s Payment Systems. Banking & Finance | Dated: 27 May 2025 On May 21, 2025, the Reserve Bank of India (RBI) officially announced the formation of a six-member Payments Regulatory Board (PRB) under the Payments Regulatory Board Regulations, 2025, to regulate and oversee payment systems in India. 🎯 Key Highlights: - This newly constituted board replaces the existing Board for Regulation and Supervision of Payment and Settlement Systems (BPSS). 💡 Other Important Facts: (i) RBI constituted a six-member Payments Regulatory Board (PRB) under the Payments Regulatory Board Regulations, 2025, replacing the earlier BPSS. (ii) The PRB is chaired by RBI Governor Sanjay Malhotra and includes Deputy Governor T. Rabi Sankar, an RBI-nominated officer, and three Central Government nominees (introduced for the first time). (iii) RBI imposed penalties of Rs. 63.6 lakh on Union Bank of India and Rs. 40 lakh on Transactree Technologies for violations of the Banking Regulation Act and NBFC-P2P lending norms. 📚 Test Your Knowledge: Recently, how many members will the new Payments Regulatory Board (PRB) consist of? Correct Answer: 6 🚀 Quick Recap: