Reserve Bank of India (RBI) Governor Sanjay Malhotra will chair a six-member Payments Regulatory Board (PRB).

Set up to regulate the payment systems, it will have three members from the RBI, including deputy governor, executive director in-charge of the Payment and Settlement Systems and the governor. 

The board will also have three government nominees, including secretary of Department of Financial Services (DFS), secretary of ministry of electronics and information technology (MeitY) and Aruna Sundararajan, former telecom secretary. 

The PRB will replace the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a five-member committee of the central board of the RBI. The BPSS was also headed by the RBI Governor, but did not include any government nominee.

The Principal Legal Adviser of RBI is a permanent invitee to the meetings of the board.

The PRB shall ordinarily meet at least twice a year, according to a notification issued in May.