The Government of India has introduced certain changes to its payments ecosystem by establishing the Payments Regulatory Board (PRB).
FinTech BizNews Service
Mumbai, May 23, 2025: The Government of India has introduced certain changes to its payments ecosystem by establishing the Payments Regulatory Board (PRB). The new regulatory entity Payments Regulatory Board (PRB) will be assisted by the RBI's Department of Payment and Settlement Systems (DPSS).
Ranadurjay Talukdar, Partner and Payments Sector Leader, EY India, says:
“India has never seen payments regulated outside of the RBI. RBI oversight over the years has ensured stringent governance of systemic risks arising from the payments ecosystem—setting up appropriate guardrails to protect consumer interests (such as grievance redressal and KYC guidelines) and infrastructural resilience (such as the cybersecurity framework for PSOs).
However, the establishment of a PRB with the right industry representation can lead to greater innovation; whether by expanding tokenisation to enable device-based payments across schemes or by introducing newer entities like NUEs to balance ever-growing digital payments volumes.
We might also see more global payments players enter India if the regulatory regime is favorable, which will foster higher competition and offer more choice to consumers."
