Recently the RBI has pushed against setting up of an independent Payments Regulatory Board Which of ...........

Economic Affairs Types of Banks and Banking

Recently, the RBI has pushed against setting up of an independent Payments Regulatory Board. Which of the following statements in this regard is/are correct?

The Payments Regulatory Board was first proposed by the Union Government in the Budget 2016-17.
The Payments Regulatory Board intends to bring structural reforms in the payment ecosystem.
The proposed PRB is supposed to be a 6-member body whose chairperson to be appointed by the government in consultation with RBI.
RBI, however, support resolving of payments cases through the Securities Appellate Tribunal.

Select the correct answer using the codes given below

1, 2, 3 and 4

2, 3 and 4

2 and 4

2 and 3

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Explanation:

Fourth option is the correct answer.

The proposal for the independent Payments Regulatory Board was proposed in the Budget 2017-18.
Ratan Watal Committee on Digital payments also made recommendions in this regard:
1. An independent and separate entity from RBI to regulate payments and settlements system to give boost to digital payments.
2. RBI regulations should be kept only for SIPS – Systematically Important Payment System.
Similar recommendations were made by the draft report of the Inter-Ministerial Committee. The Committee proposed that the chairperson of the board should be appointed by the government in consultation with the RBI.
RBI opposed such a move and also opposed the panel’s recommendations to resolve the payments cases through the Securities Appellate Tribunal.