The Reserve Financial institution of India (RBI) shaped the Cost Regulation Fee on Tuesday, and appointed six members to the committee, led by the RBI Governor as chairman.
The Board is accountable for regulating and overseeing all fee methods, together with digital and non-electronic, home and cross-border methods.
Different members embody the Lieutenant Governor RBI, who’s answerable for the fee and settlement system. He’s government director and accountable for fee and settlement methods at RBI. Director of Monetary Providers. The RBI mentioned in a round with the Ministry of Electronics and Info Know-how and the Ministry of IAS (RETD) Aruna Sundararajan.
The current amendments to the Cost and Settlement Programs Act of 2007 got here into impact on Might 9, 2025. Together with the discover, the previous board of administrators of Regulation and Supervision of the Cost and Settlement System, a committee of the RBI’s Central Committee, has been changed by the Cost Regulation Fee from Might 9, 2025.
The RBI’s key authorized advisor is a everlasting invitation to board conferences.
