THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007. ACT NO. 51 OF 2007, 20th December, 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.
BE it enacted by Parliament in the Fifty-eighth Year of the Republic of India as follows:—
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| Sections | Particulars |
| Preamble | |
| Chapter I | Preliminary |
| 1 | Short title, extent and commencement |
| 2 | Definitions |
| Chapter II | Designated Authority and Its Committee |
| 3 | Designated authority and its Committee |
| Chapter III | Authorisation of Payment Systems |
| 4 | Payment system not to operate without authorisation |
| 5 | Application for authorisation |
| 6 | Inquiry by the Reserve Bank |
| 7 | Issue or refusal of authorisation |
| 8 | Revocation of authorisation |
| 9 | Appeal to the Central Government |
| Chapter IV | 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 | Short title |
| 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 |
| Chapter V | Rights and Duties of a System Provider |
| 20 | System provider to act in accordance with the Act, regulations, etc. |
| 21 | Duties of a system provider |
| 22 | Duty to keep documents in the payment system confidential |
| 23 | Settlement and netting |
| Chapter VI | Settlement of Disputes |
| 24 | Settlement of disputes |
| 25 | Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account |
| Chapter VII | Offences and Penalties |
| 26 | Penalties |
| 27 | Offences by companies |
| 28 | Cognizance of offences |
| 29 | Application of fine |
| 30 | Power of Reserve Bank to impose fines |
| 31 | Power to compound offences |
| Chapter VIII | Miscellaneous |
| 32 | Act to have overriding effect |
| 33 | Mode of recovery of penalty |
| 34 | Act not to apply to stock ex-changes or clearing corporations of stock ex-changes |
| 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 |