Payment and Settlement Systems

Analysis of the performance under the Citizen’s Charter during the month of September 2025 has been carried out and the summary thereof is given below –

The recent amendments to Section 3 of the Payment and Settlement Systems Act, 2007 (PSS Act, 2007) carried out, vide the Finance Act, 2017 came into effect from May 9, 2025, with issue of the Gazette Notification dated May 06, 2025, by Department of Financial Services, Government of India. With the notification, the erstwhile Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a committee of the Central Board of the Reserve Bank of India, has been replaced with the Payments Regulatory Board from May 9, 2025. 2. The Payments Regulatory Board has been constituted under Section 3 (2) of PSS Act, 2007 consisting of the following members: