Intl Fin Svcs Centres Authority sets up 6-member Payments Regulatory Board
This story was originally published at 19:11 IST on 10 October 2025
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NEW DELHI – The International Financial Services Centres Authority has set up a six-member Payments Regulatory Board with its chairperson at the helm, the authority said in a press release. The panel includes the authority's whole-time member, the head of the authority's Department of Banking Regulation, the joint secretary in the finance ministry's 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 Corp. of India.
Currently, K. Rajaraman is chairperson of the International Financial Services Centres Authority, Bhuvnesh Kumar heads the Unique Identification Authority, and Dilip Asbe heads the NPCI.
In line with an amended notification that came into effect May 9, the erstwhile Board for Regulation and Supervision of Payment and Settlement Systems--which was a committee of the central board of the authority--was replaced with a Payments Regulatory Board. The constitution of the board was first mooted eight years ago in the Union Budget for the financial year 2017-18 (Apr-Mar).
In its first meeting held Oct. 1, the Board approved the authorisation to CCIL IFSC Ltd., a subsidiary of the Clearing Corp. of India Ltd. established in the Gujarat International Finance Tec-city, to operate a real-time gross settlement system called the Foreign Currency Settlement System within the International Financial Services Centre. The new system will settle currencies real-time and boost liquidity in GIFT City, Finance Minister Nirmala Sitharaman said Tuesday while announcing the development at the Global Fintech Festival in Mumbai.
This foreign currency settlement system is the International Financial Services Centre-equivalent of the Real Time Gross Settlement system that is operational in India. GIFT-IFSC is a deemed foreign territory launched by the government to encourage foreign investments. End
Reported by Priyasmita Dutta
Edited by Rajeev Pai
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