PAYMENT AND SETTLEMENT SYSTEMS ACT 2007

Enter the Future of Legal Excellence with SupremeToday AI

Elevate your legal practice with advanced AI-driven research and drafting solutions. Experience unmatched efficiency, precision, and security, tailored exclusively for legal professionals.

An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers

Please visit our Training & Support
Center or Contact Us for assistance

Scan Me!

India’s Legal research and Law Firm App, Download now!

For Daily Legal Updates, Join us on :

S.1 Short title extent and commencement

S.2 Definitions

S.3 Designated authority and its Committee

S.4 Payment System not to operate without authorisation

S.5 Application for authorisation

S.6 Inquiry by the Reserve Bank

S.7 Issue or refusal of authorisation

S.8 Revocation of authorisation

S.9 Appeal to the Central Government

S.10 Power to determine standards

S.11 Notice of Change in the payment system

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

S.13 Access to information

S.14 Power to enter and inspect

S.15 Information, etc., to be confidential

S.16 Power to carry out audit and inspection

S.17 Power to issue Direction

S.18 Power of Reserve Bank to give directions generally

S.19 Directions of Reserve Bank to be complied with

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

S.21 Duties of a system provide

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

S.23 Settlement and netting

S.24 Settlement of disputes

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

S.26 Penalties

S.27 Offences by companies

S.28 Cognizance of offences

S.29 Application of fine

S.30 Power of Reserve Bank to impose fines

S.31 Power to compound offences

S.32 Act to have overriding effect

S.33 Mode of recovery of penalty

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

S.35 Certain persons deemed to be public servants

S.36 Protection of action taken in good faith

S.37 Power of Reserve Bank to make regulations

S.38 Power of Reserve Bank to make regulations

Enter the Future of Legal Excellence with SupremeToday AI