RBI Governor Malhotra Chairs Inaugural Payments Regulatory Board Meet; Future of Digital Payments Discussed

• RBI Governor Sanjay Malhotra chaired the first meeting of the Payments Regulatory Board (PRB).
• PRB was established last year in May following an amendment to the Payment and Settlement Systems Act, 2007.
• The meeting reviewed domestic and global payment systems, functions of the Department of Payment and Settlement Systems, and discussed the draft Payments Vision 2028.
• Key findings from RBI's recent Survey on Digital Payments were presented, alongside expert guidance for India's payment ecosystem.
• The new PRB includes the RBI Governor, three central government nominees, the Deputy Governor, and an RBI official, with Governor, Deputy Governor, and nominated official as ex officio members.

Why It Matters: RBI's new Payments Regulatory Board, chaired by Governor Malhotra, held its first meeting to strategize India's payment ecosystem.