On 12-9-2025, the International Financial Services Centres Authority notified the International Financial Services Centres Authority (Payments Regulatory Board) Regulations, 2024 to repeal the International Financial Services Centres Authority (Board for Regulation and Supervision of Payment and Settlement Systems) Regulations, 2024. The provisions came into force on 16-9-2025.
Key Points:
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These Regulations come under the ambit of the Payment and Settlement Systems Act, 2007.
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The Payment Regulatory Board can invite people with experience in the fields of payment and settlement system, information technology, law, etc., to attend its meeting either as permanent or as ad hoc invitees to the meeting of the Board.
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The Central Government will nominate the Members of the Board from amongst persons of ability, integrity and standing, having knowledge, experience and expertise in the field of payment systems, information technology including cyber security, law, etc.
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Conditions under which no person can be nominated as a Board of Member:
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Has completed the age of 70 years on the date of appointment;
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Is a Member of Parliament/ State Legislature;
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Has been at any time, adjudged as an insolvent;
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has been convicted of an offence which is punishable with an imprisonment for a term of 180 days or more;
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is physically or mentally incapable of discharging the duties of a Member of the Board;
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has a material conflict of interest with any other payment system and is unable to resolve such conflict.
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The nominated members of the Board will hold the office for a period of 4 years and will not be eligible for re-nomination unless the member is a “public servant” as defines in Section 2 clause 28 of Nyaya Sanhita, 2023.
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The member can resign from the Board at any time before the expiry of tenure by giving a written notice of not less than 6 weeks to the Central Government.
On acceptance that person will cease to be a Member of the Board.
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The Division of Payment and Settlement Systems, International Financial Services Centres Authority will assist the Payment Regulatory Board.
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If any member of the Payment Regulatory Board absents himself/ herself, without formal approval of the Chairperson, for 3 consecutive meetings then he/ she will cease to hold the office.
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The Payment Regulatory Board will meet at least twice a year.
These Regulations are notified to regulate payment systems, promote innovation, ensure safety and efficiency, facilitate cross-border transactions, protect consumers and enforce compliance among payment service providers.