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 10 – Power to determine standards
(1) The Reserve Bank may, from time to time, prescribe– (a) the format of payment instructions and the size and…
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Payment and Settlement Systems Act: Section 9 – Appeal to the Central Government
(1) Any applicant for an authorisation whose application for the operation of the payment system is refused under sub-section (3)…
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Payment and Settlement Systems Act: Section 8 – Revocation of authorisation
(1) If a system provider,– (i) contravenes any provisions of this Act, or (ii) does not comply with the regulations,…
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Payment and Settlement Systems Act: Section 7 – Issue or refusal of authorisation
(1) The Reserve Bank may, if satisfied, after any inquiry under section 6 or otherwise, that the application is complete…
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Payment and Settlement Systems Act: Section 6 – Inquiry by the Reserve Bank
After the receipt of an application under section 5, and before an authorisation is issued under this Act, the Reserve…
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Payment and Settlement Systems Act: Section 5 – Application for authorisation
(1) Any person desirous of commencing or carrying on a payment system may apply to the Reserve Bank for an…
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Payment and Settlement Systems Act: Section 4 – Payment system not to operate without authorisation
(1) No person, other than the Reserve Bank, shall commence or operate a payment system except under and in accordance…
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Payment and Settlement Systems Act: Section 3 – Designated authority
1[3. Designated authority.–(1) The Reserve Bank shall be the designated authority for the regulation and supervision of payment systems under…
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Payment and Settlement Systems Act: Section 2 – Definitions
(1) In this Act, unless the context otherwise requires,– (a) “bank” means,– (i) a bank included in the Second Schedule…
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Payment and Settlement Systems Act: Section 1 – Short title, extent and commencement
(1) This Act may be called the Payment and Settlement Systems Act, 2007. (2) It extends to the whole of…
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