Payments Regulatory Board Holds First Meeting In Mumbai

The Reserve Bank of India (RBI) marked a significant milestone in its regulatory framework with the first meeting of the Payments Regulatory Board (PRB) held in Mumbai. The PRB was constituted following amendments to the Payment and Settlement Systems Act, 2007, which came into effect in May 2025.  

Chaired by RBI Governor Sanjay Malhotra, the meeting focused on reviewing the Department of Payment and Settlement Systems and its current priorities. Members discussed the draft Payments Vision 2028, which outlines strategies for enhancing efficiency, security, and inclusivity in India’s payment ecosystem. A presentation on RBI’s recent Survey on Digital Payments was also shared, highlighting trends in adoption and challenges in infrastructure.  

Key Highlights  

• First meeting of PRB held in Mumbai on January 5, 2026  
• Chaired by RBI Governor Sanjay Malhotra  
• PRB formed after amendments to Payment and Settlement Systems Act, 2007  
• Draft Payments Vision 2028 presented for strategic guidance  
• Survey on Digital Payments discussed to assess adoption and challenges  

Conclusion  
The inaugural PRB meeting underscores RBI’s commitment to strengthening oversight and governance in India’s fast-growing payments sector. With Vision 2028 as a roadmap, the Board aims to ensure resilience, innovation, and inclusivity in the country’s digital financial ecosystem.  

Sources: Reserve Bank of India Press Release