Explanation:

 Payments Regulatory Board (PRB) will be set up within the Reserve Bank of India (RBI), which will comprise of six members, of which 3 will be from RBI. The PRB will replace the existing Board for Regulation and Supervision of Payment and Settlement Systems and will exercise the functions relating to the regulation and supervision of payments and settlement systems under the Payment and Settlements Act 2007. The chairman of the board will be the Governor of RBI, along with a deputy governor in charge of payments and settlements as member. It will also have 3 members nominated by the central government.