The Payments Regulatory Board (PRB), chaired by Reserve Bank of India (RBI) Governor Sanjay Malhotra, held its first-ever meeting on Monday, marking a significant step in strengthening oversight of India’s fast-evolving payments ecosystem.
During the meeting, the board reviewed the functioning of the Department of Payment and Settlement Systems (DPSS) and discussed key focus areas across both domestic and global payment systems, the RBI said in an official release. The discussions reflected the regulator’s emphasis on ensuring safety, resilience and innovation in the country’s rapidly expanding digital payments landscape.
A key agenda item was the presentation of the draft Payments Vision 2028, which outlines the central bank’s long-term roadmap for the payments sector. Members of the PRB offered strategic guidance aimed at supporting the continued development of India’s payments infrastructure, with a focus on efficiency, inclusivity and global interoperability.
“The board was also briefed on the major findings of the RBI’s recently conducted survey on digital payments,” the central bank said, without disclosing specific details. The survey is expected to inform future policy decisions and regulatory interventions as digital transactions continue to scale across urban and rural India.
The formation of the Payments Regulatory Board is part of the RBI’s efforts to provide dedicated governance and sharper regulatory focus to payment systems, which have seen exponential growth driven by platforms such as UPI, cards and mobile-based payment solutions. India is currently among the world’s largest digital payments markets by transaction volume.
Industry observers see the first PRB meeting as an important signal of regulatory continuity amid rapid innovation in fintech, cross-border payments and emerging technologies. The board’s oversight is expected to play a crucial role in balancing innovation with consumer protection and systemic stability.
With Payments Vision 2028 now under review, stakeholders across banks, fintech firms and payment service providers are closely watching how the RBI shapes the next phase of India’s digital payments journey.
Follow Startupbydoc for daily startup insights, funding news, IPO analysis, and business breakdowns.