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of <h1>Finance Bill 2017 proposes replacing Board for Regulation and Supervision with Payments Regulatory Board under Payment and Settlement Systems Act.</h1> Clauses 147 to 149 of the Finance Bill, 2017 propose amendments to the Payment and Settlement Systems Act, 2007. The amendments aim to replace the existing Board for Regulation and Supervision of Payments and Settlement with a Payments Regulatory Board. This new Board will include the Governor of the Reserve Bank as Chairperson, a Deputy Governor, a nominated officer from the Reserve Bank, and three members appointed by the Central Government. The Board will be empowered to establish procedures for meetings and related matters. These changes will take effect on dates specified by the Central Government through notifications.
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