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Payment and Settlement Systems Act, 2007

Sections Particulars
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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