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Indian central bank supports proposal to set up independent payments regulator

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Indian central bank supports proposal to set up independent payments regulator

The Indian central bank expressed support for a proposal to establish an independent regulator for digital payments, Mint reported Dec. 15, citing an email from Chandan Sinha, executive director at the Reserve Bank of India.

The RBI prefers a regulatory policy for digital payments where the policy and standards are decided independently of the central bank but the regulation and supervision of all payment systems remain with the central bank, Sinha said.

The proposed payments regulatory board should have external experts and members, but the RBI prefers to have equal representation on such a board, Sinha said.

India's digital payments sector has grown in the last few years and the government's demonetization drive to promote cashless transactions has pushed the sector into greater prominence.

The government's committee on digital payments has recommended an independent regulator for the payments sector that should operate within the limits of the central bank.