LawgistAll Acts
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.
| Act Id | 200751 |
| Act Number | 51 |
| Enactment Date | 2007-12-20 |
| Act Year | 2007 |
| Ministry | Ministry of Finance |
| Enforcement Date | 12-08-2008 |
- PRELIMINARY
- DESIGNATED AUTHORITY
- AUTHORISATION OF PAYMENT SYSTEMS
- REGULATION AND SUPERVISION BY THE RESERVE BANK
- 10 Power to determine standards
- 11 Notice of change in the payment system
- 12 Power to call for returns, documents or other information
- 13 Access to information
- 14 Power to enter and inspect
- 15 Information, etc., to be confidential
- 16 Power to carry out audit and inspection
- 17 Power to issue directions
- 18 Power of Reserve Bank to give directions generally
- 19 Directions of Reserve Bank to be complied with
- RIGHTS AND DUTIES OF A SYSTEM PROVIDER
- SETTLEMENT OF DISPUTES
- OFFENCES AND PENALTIES
- MISCELLANEOUS
- 32 Act to have overriding effect
- 33 Mode of recovery of penalty
- 34 Act not to apply to stock exchanges or clearing corporations of stock exchanges
- 34A Act to apply to designated trade repository and issuer
- 35 Certain persons deemed to be public servants
- 36 Protection of action taken in good faith
- 37 Power to remove difficulties
- 38 Power of Reserve Bank to make regulations
