Payment and Settlement Systems Act, 2007

Chapter V: Rights and Duties of a System Provider

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

Every system provider shall operate the payment system in accordance with the provisions of this Act, the regulations, the contract governing the relationship among the system participants, the rules and regulations which deal with the operation of the payment system and the conditions subject to which the authorisation is issued, and the directions given by the Reserve Bank from time to time.