Payment and Settlement Systems Act, 2007
Bare 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.
- Act number
- 51 of 2007
- Enacted
- 20 December 2007
- Contents
- 42 sections · 8 chapters
The first 5 sections are free to read. Sign in free to read the rest.
Contents
Chapter I — Preliminary
Chapter II — Designated Authority
Chapter III — 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 (preview)
- Section 7 – Issue or refusal of authorisation (preview)
- Section 8 – Revocation of authorisation (preview)
- Section 9 – Appeal to the Central Government (preview)
Chapter IV — Regulation And Supervision By The Reserve Bank
- Section 10 – Power to determine standards (preview)
- Section 10A – Bank, etc., not to impose charge for using electronic modes of payment (preview)
- Section 11 – Notice of change in the payment system (preview)
- Section 12 – Power to call for returns, documents or other information (preview)
- Section 13 – Access to information (preview)
- Section 14 – Power to enter and inspect (preview)
- Section 15 – Information, etc., to be confidential (preview)
- Section 16 – Power to carry out audit and inspection (preview)
- Section 17 – Power to issue directions (preview)
- Section 18 – Power of Reserve Bank to give directions generally (preview)
- Section 19 – Directions of Reserve Bank to be complied with (preview)
Chapter V — Rights And Duties Of A System Provider
- Section 20 – System provider to act in accordance with the Act, regulations, etc (preview)
- Section 21 – Duties of a system provider (preview)
- Section 22 – Duty to keep documents in the payment system confidential (preview)
- Section 23 – Settlement and netting (preview)
- Section 23A – Protection of funds collected from customers (preview)
Chapter VI — Settlement Of Disputes
- Section 24 – Settlement of disputes (preview)
- Section 25 – Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account (preview)
Chapter VII — Offences And Penalties
- Section 26 – Penalties (preview)
- Section 27 – Offences by companies (preview)
- Section 28 – Cognizance of offences (preview)
- Section 29 – Application of fine (preview)
- Section 30 – Power to exempt (preview)
- Section 31 – Power to compound offences (preview)
Chapter VIII — Miscellaneous
- Section 32 – Act to have overriding effect (preview)
- Section 33 – Mode of recovery of penalty (preview)
- Section 34 – Act not to apply to stock exchanges or clearing corporations of stock exchanges (preview)
- Section 34A – Act to apply to designated trade repository and issuer (preview)
- Section 34B – Powers of Reserve Bank not to apply to International Financial Services Centre (preview)
- Section 35 – Certain persons deemed to be public servants (preview)
- Section 36 – Protection of action taken in good faith (preview)
- Section 37 – Power to remove difficulties (preview)
- Section 38 – Power of Reserve Bank to make regulations (preview)