Reserve Bank as designated authority restructures payment system oversight via a Payments Regulatory Board with specific membership. The amendment designates the Reserve Bank as the designated authority for payment system regulation and requires it to exercise powers under the Act through a Payments Regulatory Board. The Board's composition is prescribed: the Governor as Chairperson ex officio, the Deputy Governor in charge of Payment and Settlement Systems ex officio, one Reserve Bank officer nominated by the Central Board ex officio, and three members nominated by the Central Government. The amendment provides for prescribed rules on the Board's powers, functions, meeting procedures, quorum and other incidental matters.