Overview

• The new board includes three external members nominated by the Centre: DFS Secretary M. Nagaraju, MeitY Secretary S. Krishnan, and retired IAS officer Aruna Sundararajan.
• The RBI Governor will chair the PRB, joined by the Deputy Governor in charge of payment and settlement systems and an RBI executive director as members.
• The PRB will meet at least twice a year and decide matters by majority vote, with a tie settled by the chairperson or, in the chair’s absence, the Deputy Governor.
• The RBI’s Department of Payment and Settlement Systems will provide operational support, and the RBI’s principal legal adviser will attend as a permanent invitee.
• The board may invite experts in payments, information technology, or law on a permanent or ad hoc basis, and it formally replaces the RBI’s internal BPSS committee.