02 February 2017 Current Affairs: Finance Minister Arun Jaitley has proposed a creation of a six-member Payments Regulatory Board in the RBI, headed by RBI Governor Urjit Patel as part of bringing about structural reforms in the payment eco-system.
For the purpose, necessary amendments are proposed in the Finance Bill 2017 to create a Payments Regulatory Board in the Reserve Bank of India by replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems.
In his Budget Speech, Jaitley stated a Committee on Digital Payments constituted by Department of Economic Affairs has recommended structural reforms in the payment eco system, including amendments to the Payment and Settlement Systems Act, 2007.
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