• REGULATION AND SUPERVISION BY THE RESERVE BANK

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     Power to determine standards
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     Notice of change in the payment system
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     Power to call for returns, documents or other information
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     Access to information
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     Power to enter and inspect
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     Information, etc., to be confidential
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     Power to carry out audit and inspection
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     Power to issue directions
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     Power of Reserve Bank to give directions generally
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     Directions of Reserve Bank to be complied with
  • RIGHTS AND DUTIES OF A SYSTEM PROVIDER

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     System provider to act in accordance with the Act, regulations, etc
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     Duties of a system provider
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     Duty to keep documents in the payment system confidential
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     Settlement and netting
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     Protection of funds collected from customers
  • SETTLEMENT OF DISPUTES

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     Settlement of disputes
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     Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account
  • OFFENCES AND PENALTIES

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     Penalties
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     Offences by companies
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     Cognizance of offences
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     Application of fine
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     Power of Reserve Bank to impose fines
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     Power to compound offences
  • MISCELLANEOUS

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     Act to have overriding effect
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     Mode of recovery of penalty
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     Act not to apply to stock exchanges or clearing corporations of stock exchanges
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     Act to apply to designated trade repository and issuer
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     Certain persons deemed to be public servants
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     Protection of action taken in good faith
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     Power to remove difficulties
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     Power of Reserve Bank to make regulations