law: Payment and Settlement Systems Act, 2007
  Chapter II:
  
  Designated Authority and Its Committee
  3. Designated
  
  authority and its Committee.-
  1.  
  
    The
  
  Reserve Bank shall be the designated authority for the regulation and
  
  supervision of payment systems under this Act.
  2.  
  
    The
  
  Reserve Bank may, for the purposes of exercising the powers and performing the
  
  functions and discharging the duties conferred on it by or under this Act, by
  
  regulation, constitute a committee of its Central Board to be known as the
  
  Board for Regulation and Supervision of Payment and Settlement Systems.
  3.  
  
    The
  
  Board constituted under sub-section (2) shall consist of the following members,
  
  namely:- (a) Governor, Reserve Bank, who shall be the Chairperson of the Board;
  
  (b) Deputy Governors, Reserve Bank, out of whom the Deputy Governor who is
  
  in-charge of the Payment and Settlement Systems, shall be the Vice-Chairperson
  
  of the Board; (c) Not exceeding three Directors from the Central Board of the
  
  Reserve Bank of India to be nominated by the Governor, Reserve Bank.
  4.  
  
    The
  
  powers and functions of the Board constituted under sub-section (2), the time
  
  and venue of its meetings, the procedure to be followed in such meetings,
  
  (including the quorum at such meetings) and other matters incidental thereto
  
  shall be such as may be prescribed.
  5.  
  
    The
  
  Board for Regulation and Supervision of Payment and Settlement Systems
  
  constituted under clause (i) of sub-section (2) of section 58 of the Reserve
  
  Bank of India Act, 1934 shall be deemed to be the Board constituted under this
  
  section and continue accordingly until the Board is reconstituted in accordance
  
  with the provisions of this Act and shall be governed by the rules and
  
  regulations made under the Reserve Bank of India Act, 1934 in so far as they
  
  are not inconsistent with the provisions of this Act.