RBI outlines vision for 2028 in first Payments Regulatory Board meeting

The Reserve Bank of India (RBI) on Monday, January 5, held the inaugural meeting of its newly constituted Payments Regulatory Board (PRB), chaired by Governor Sanjay Malhotra.

The board was formed following amendments to the Payment and Settlement Systems Act, 2007, which came into effect in May 2025, as India’s digital payments ecosystem anticipates significant growth.

According to PwC, transaction volumes are projected to nearly triple by FY30.

The meeting reviewed the functions of the Department of Payment and Settlement Systems and examined both domestic and global payment landscapes.

Members discussed the draft Payments Vision 2028, providing strategic guidance to further develop India’s payment ecosystem. The session also featured key findings from RBI’s recent Survey on Digital Payments, shedding light on usage patterns and adoption trends across the country.

Attendees included S Krishnan, Secretary, Ministry of Electronics and Information Technology; Nagaraju Maddirala, Secretary, Department of Financial Services; Aruna Sundararajan, IAS; T Rabi Sankar, Deputy Governor; and Vivek Deep, Executive Director, RBI.

The PRB is expected to play a central role in shaping India’s payment systems, enhancing efficiency, security, and innovation, and ensuring the country keeps pace with global developments in the financial technology space.

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