3. Designated authority
(1) The Reserve Bank shall be the designated authority for the regulation and supervision of payment systems under this Act.
(2) The Reserve Bank shall exercise the powers, perform the functions and discharge the duties conferred on it under this Act through a Board to be known as the “Payments Regulatory Board”.
(3) The Board shall consist of the following members, namely:—
(a) the Governor of the Reserve Bank – Chairperson, ex officio;
(b) the Deputy Governor of the Reserve Bank in-charge of the Payment and Settlement Systems – Member, ex officio;
(c) one officer of the Reserve Bank to be nominated by the Central Board of the Reserve Bank – Member, ex officio; and
(d) three persons to be nominated by the Central Government – Members.
(4) The powers and functions of the Board referred to in sub-section (2), the time and venue of its meetings, the procedures to be followed in such meetings (including the quorum at such meetings) and other matters incidental thereto shall be such as may be prescribed.
This section, along with the Chapter II heading “Designated Authority”, was substituted by the Finance Act 2017, s. 152, for the earlier section 3 (“Designated authority and its Committee”), which provided for a Board for Regulation and Supervision of Payment and Settlement Systems constituted as a committee of the Reserve Bank’s Central Board.
