Govt nominees in Payments Regulatory Board may help bridge RBI-FinMin gap

The representation of three central government-nominated executives on the Payments Regulatory Board (PRB) is expected to help resolve differences between the Reserve Bank of India (RBI) and the Ministry of Finance, sources in the know said. This would pave the way for a more coordinated approach to payments regulation, they said.

 

The top priorities for the new board could include decisions on how Unified Payments Interface (UPI) is incentivised in the future, the long-awaited introduction of a merchant discount rate (MDR) for real-time payments system, and the internationalisation of India’s payments infrastructure, among other issues.

 

The regulatory overhaul follows the