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Constitution of the Payments Regulatory Board, Know about Members

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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.

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 the PSS Act, 2007Sr. No.Name 
3 (3) (a)1GovernorChairperson
3 (3) (b)2Deputy Governor
In-charge of the Payment and Settlement Systems
Member
3 (3) (c)3Executive Director
In-charge of the Payment and Settlement Systems
Member
3 (3) (d)4Secretary
Department of Financial Services
Member
5Secretary
Ministry of Electronics and Information Technology
Member
6Smt. 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.