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Bare Acts
The Payment and Settlement Systems Act, 2007
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.
संदाय और निपटान प्रणाली अधिनियम, 2007
Act Details
Act Number:
51
Act Year:
2007
Location:
Enactment Date:
12/20/2007
Enforcement Date:
12-08-2008
Ministry:
Ministry of Finance
Department:
Department of Financial Services
Full List of Payment Systems Act Sections
PRELIMINARY
DESIGNATED AUTHORITY
Section 3
Section 3
Designated authority.AUTHORISATION OF PAYMENT SYSTEMS
Section 4 to Section 9
Section 5
Application for authorisation.Section 6
Inquiry by the Reserve Bank.Section 7
Issue or refusal of authorisation.Section 8
Revocation of authorisation.Section 9
Appeal to the Central Government.REGULATION AND SUPERVISION BY THE RESERVE BANK
Section 10 to Section 19
Section 10
Power to determine standards.Section 11
Notice of change in the payment system.Section 13
Access to information.Section 14
Power to enter and inspect.Section 15
Information, etc., to be confidential.Section 16
Power to carry out audit and inspection.Section 17
Power to issue directions.RIGHTS AND DUTIES OF A SYSTEM PROVIDER
SETTLEMENT OF DISPUTES
Section 24 to Section 25
Section 24
Settlement of disputes.OFFENCES AND PENALTIES
Section 26 to Section 31
Section 26
Penalties.Section 27
Offences by companies.Section 28
Cognizance of offences.Section 29
Application of fine.Section 30
Power to exempt.Section 31
Power to compound offences.MISCELLANEOUS
Section 32 to Section 38
Section 32
Act to have overriding effect.Section 33
Mode of recovery of penalty.Section 37
Power to remove difficulties.