The RBI now shares control of digital payments with a new Payments Regulatory Board, chaired by Governor Sanjay Malhotra and including RBI and government members. Effective since May, it replaces the previous RBI-only board, giving the government direct influence over UPI and other systems. Calls to reinstate the merchant discount rate (MDR) are rising, with the Payments Council proposing 0.3% for large merchants. ICICI Bank will charge aggregators starting August.
RBI Shares Control of Digital Payments with New Regulatory Board
