{"id":27387,"date":"2018-10-23T13:51:53","date_gmt":"2018-10-23T08:21:53","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=27387"},"modified":"2018-10-23T13:51:53","modified_gmt":"2018-10-23T08:21:53","slug":"government-panel-recommends-setting-up-an-independent-payments-regulatory-board","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/government-panel-recommends-setting-up-an-independent-payments-regulatory-board\/","title":{"rendered":"Government panel recommends setting up an independent Payments Regulatory Board"},"content":{"rendered":"<p><a href=\"https:\/\/www.thehindubusinessline.com\/economy\/govt-panel-recommends-setting-up-an-independent-payments-regulatory-board\/article24979768.ece\"><strong>Government panel recommends setting up an independent Payments Regulatory Board<\/strong><\/a><\/p>\n<p><strong>News<\/strong><\/p>\n<ol>\n<li>Finance Minister proposed about creation of <strong>Payment Regulatory Board (PRB) <\/strong>in Budget 2017-18.<\/li>\n<\/ol>\n<p><strong>Key Facts<\/strong><\/p>\n<ol start=\"2\">\n<li>The government has set up <strong>Subhash Garg committee<\/strong> to re-examine the<strong> draft Payment and Settlement System Bill.<\/strong><\/li>\n<li><strong> Objectives of the draft Payment \u00a0and Settlement Bill<\/strong><\/li>\n<\/ol>\n<ul>\n<li>Foster competition<\/li>\n<li>Consumer Protection<\/li>\n<li>Systemic Stability<\/li>\n<li>Resilience in payments sector<\/li>\n<li>Establishment of an independent PRB<\/li>\n<li>Treating non-banks as significant players in the payment ecosystem<\/li>\n<li>To consolidate and amend the laws relating to payments<\/li>\n<\/ul>\n<p><strong>Recommendations of the Committee<\/strong><\/p>\n<ol start=\"4\">\n<li>It suggested PRB to be an independent payments regulator.<\/li>\n<li>The committee supported the view that <strong>formal mechanism of coordination<\/strong> is required between the RBI and PRB to regulate payments to ensure financial stability, monetary policy and credit policy.<\/li>\n<li>As per the report, RBI wants the chairperson of PRB should be from RBI as well as RBI to have a casting vote.<\/li>\n<li>RBI wanted to be provided with sufficient powers in the context of monetary policy function but the committee rejected the view.<\/li>\n<li>The committee affirmed RBI that substantial provisions are included in the bill to give the central bank the powers to make a reference to PRB to consider any matter, which is related to monetary policy.<\/li>\n<li><strong> RBI\u2019s view: <\/strong>Problems could emerge in the regulation of payments if PRB is not within the ambit of RBI.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Government panel recommends setting up an independent Payments Regulatory Board News Finance Minister proposed about creation of Payment Regulatory Board (PRB) in Budget 2017-18. Key Facts The government has set up Subhash Garg committee to re-examine the draft Payment and Settlement System Bill. Objectives of the draft Payment \u00a0and Settlement Bill Foster competition Consumer Protection&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/government-panel-recommends-setting-up-an-independent-payments-regulatory-board\/\">Continue reading <span class=\"screen-reader-text\">Government panel recommends setting up an independent Payments Regulatory Board<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-27387","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704685000},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=27387"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27387\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=27387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=27387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=27387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}