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Payment and Settlement Systems Act, 2007

Contents

 

Sections

Particulars

1

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



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