The India International Financial Services Centres Authority (IFSCA) has announced the constitution of a Payments Regulatory Board (PRB) as the body through which it will exercise its powers and discharge its duties under the Payment and Settlement Systems Act, 2007 (PSS Act). The change follows amendments to Section 3 of the PSS Act, introduced through the Finance Act, 2017 and brought into effect from 9 May 2025, which replace the erstwhile Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) with the PRB. The PRB for IFSCA is constituted under Section 3(2) of the PSS Act and comprises the IFSCA Chairperson as Chairperson, a Whole Time Member of IFSCA, the Head of Department for Banking Regulation and Development at IFSCA, the Joint Secretary or Economic Advisor (Cyber Security and Fintech) in the Department of Financial Services, the Chief Executive Officer of the Unique Identification Authority of India, and the Managing Director and Chief Executive Officer of the National Payments Corporation of India. In its first meeting on 1 October 2025, the PRB approved authorisation for CCIL IFSC Limited under Section 7(1) of the PSS Act to operate a real time gross settlement system called the Foreign Currency Settlement System in the International Financial Services Centre.
India International Financial Services Centres Authority 2025-10-01
India International Financial Services Centres Authority constitutes Payments Regulatory Board and approves CCIL IFSC authorisation for a foreign currency RTGS system
The India International Financial Services Centres Authority (IFSCA) has established the Payments Regulatory Board (PRB) under the Payment and Settlement Systems Act, 2007, replacing the previous Board for Regulation and Supervision of Payment and Settlement Systems. The PRB, constituted under Section 3(2) of the PSS Act, held its inaugural meeting on 1 October 2025, approving CCIL IFSC Limited to operate a Foreign Currency Settlement System in the International Financial Services Centre.