The Hindu Business Line : RBI sets up board to monitor payment, settlement systems

AS part of its initiatives to strengthen the institutional framework for the payment and settlement systems, the Reserve Bank of India has constituted a Board for Regulation and Supervision of Payment and Settlement Systems (BPSS).

An RBI press release said that the board has been constituted with the Governor as its chairman.

The Deputy Governor, Mr V. Leeladhar is the vice-chairman. Ms K.J. Udeshi, Ms S. Gopinath, Mr H.P. Ranina and Mr N.R. Narayana Murthy are the members of the board.

BPSS will prescribe policies relating to regulation and supervision of all types of payment and settlement systems, set standards for existing and future systems, authorise the payment and settlement systems. It will also determine the criteria for membership to these systems, including continuation, termination and rejection of membership, the release said.

The Executive Directors in charge of the functions relating to payment systems and financial markets and the Principal Legal Advisor are permanent invitees to BPSS.

Mr P.S. Shenoy, former Chairman and Managing Director, Bank of Baroda, is also a permanent invitee to the board. BPSS will have a tenure of two years and comes into effect from March 10, said the circular.

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