Payments regulatory governance: a new Payments Regulatory Board to oversee and regulate payment and settlement systems under the Act. Amendments replace the existing Board for Regulation and Supervision of Payments and Settlement with a Payments Regulatory Board responsible for regulation and supervision under the Act; specify the Board's membership-Governor as Chairperson, Deputy Governor for Payment and Settlement Systems, one Reserve Bank officer nominated by its Central Board, and three Central Government nominees-and empower the Board to make regulations on meeting procedures and incidental matters; consequential references in existing provisions are to be amended, and the provisions commence on dates notified by the Central Government.