THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007

ACTNO. 51 OF 2007 · Enacted [20th December, 2007.] · 40 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions.

DESIGNATED AUTHORITY AND ITS COMMITTEE

Section 3.Designated authority and its Committee.

AUTHORISATION OF PAYMENT SYSTEMS

Section 4.Payment system not to operate without authorisation.

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.Power to determine standards.

Section 11.Notice of change in the payment system.

Section 12.Power to call for returns, documents or other information.

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.

Section 18.Power of Reserve Bank to give directions generally.

Section 19.Directions of Reserve Bank to be complied with.

RIGHTS AND DUTIES OF A SYSTEM PROVIDER

Section 20.System provider to act in accordance with the Act, regulations, etc.

Section 21.Duties of a system provider.

Section 22.Duty to keep documents in the payment system confidential.

Section 23.Settlement and netting.

Section 23A.Protection of funds collected from customers.

SETTLEMENT OF DISPUTES

Section 24.Settlement of disputes.

Section 25.Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account.

OFFENCES AND PENALTIES

Section 26.Penalties.

Section 27.Offences by companies.

Section 28.Cognizance of offences.

Section 29.Application of fine.

Section 30.Power of Reserve Bank to impose fines.

Section 31.Power to compound offences.

MISCELLANEOUS

Section 32.Act to have overriding effect.

Section 33.Mode of recovery of penalty.

Section 34.Act not to apply to stock exchanges or clearing corporations of stock exchanges.

Section 34A.Act to apply to designated trade repository and issuer.

Section 35.Certain persons deemed to be public servants.

Section 36.Protection of action taken in good faith.

Section 37.Power to remove difficulties.

Section 38.Power of Reserve Bank to make regulations.