Payment and Settlement Systems Act
An Act to provide for the regulation and supervision of payment systems in India and to designate the Reserve Bank of India as the authority for that purpose and for matters connected therewith or incidental thereto.
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Payment and Settlement Systems Act: Section 29 – Application of fine
A court imposing any fine under this Act may direct that the whole or any part thereof shall be applied…
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Payment and Settlement Systems Act: Section 28 – Cognizance of offences
(1) No court shall take cognizance of an offence punishable under this Act except upon a complaint in writing made…
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Payment and Settlement Systems Act: Section 27 – Offences by companies
(1) Where a person committing a contravention of any of the provisions of this Act or any regulation, direction or…
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Payment and Settlement Systems Act: Section 26 – Penalties
(1) Where a person contravenes the provisions of section 4 or fails to comply with the terms and conditions subject…
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Payment and Settlement Systems Act: Section 25 – Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account
(1) Where an electronic funds transfer initiated by a person from an account maintained by him cannot be executed on…
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Payment and Settlement Systems Act: Section 24 – Settlement of disputes
(1) The system provider shall make provision in its rules or regulations for creation of panel consisting of not less…
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Payment and Settlement Systems Act: Section 23A – Protection of funds collected from customers
1[23A.–Protection of funds collected from customers. (1) The Reserve Bank may, in public interest or in the interest of the…
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Payment and Settlement Systems Act: Section 23 – Settlement and netting
(1) The payment obligations and settlement instructions among the system participants shall be determined in accordance with the gross or…
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Payment and Settlement Systems Act: Section 22 – Duty to keep documents in the payment system confidential
(1) A system provider shall not disclose to any other person the existence or contents of any document or part…
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Payment and Settlement Systems Act: Section 21 – Duties of a system provider
(1) Every system provider shall disclose to the existing or potential system participants, the terms and conditions including the charges…
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