The Payment and Settlement Systems Act, 2007
Central Act · Act 51 of 200742 provisions11 citing judgments
The enactment
| Long title | 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. |
|---|---|
| Type | Act |
| Citation | Act 51 of 2007 |
| Year | 2007 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 42 |
| Subjects | financial |
Full text, provision by provision
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- Section 1 Short title, extent and commencement.
- Section 2 Definitions.
- Section 3 Designated authority.
- Section 4 Payment system not to operate without authorisation.
- Section 5 Application for authorisation.
- Section 6 Inquiry by the Reserve Bank.
- Section 7 Issue or refusal of authorisation.
- Section 8 Revocation of authorisation.
- Section 9 Appeal to the Central Government.
- Section 10 Power to determine standards.
- Section 10A Bank, etc., not to impose charge for using electronic modes of payment.
- Section 11 Notice of change in the payment system.
- Section 12 Power to call for returns, documents or other information.
- Section 13 Access to information.
- Section 14 Power to enter and inspect.
- Section 15 Information, etc., to be confidential.
- Section 16 Power to carry out audit and inspection.
- Section 17 Power to issue directions.
- Section 18 Power of Reserve Bank to give directions generally.
- Section 19 Directions of Reserve Bank to be complied with.
- Section 20 System provider to act in accordance with the Act, regulations, etc.
- Section 21 Duties of a system provider.
- Section 22 Duty to keep documents in the payment system confidential.
- Section 23 Settlement and netting.
- Section 23A Protection of funds collected from customers.
- Section 24 Settlement of disputes.
- Section 25 Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account.9 citing judgments
- Section 26 Penalties.
- Section 27 Offences by companies.2 citing judgments
- Section 28 Cognizance of offences.
- Section 29 Application of fine.
- Section 30 Power to exempt.
- Section 31 Power to compound offences.
- Section 32 Act to have overriding effect.
- Section 33 Mode of recovery of penalty.
- Section 34 Act not to apply to stock exchanges or clearing corporations of stock exchanges.
- Section 34A Act to apply to designated trade repository and issuer.
- Section 34B Powers of Reserve Bank not to apply to International Financial Services Centre
- Section 35 Certain persons deemed to be public servants.
- Section 36 Protection of action taken in good faith.
- Section 37 Power to remove difficulties.
- Section 38 Power of Reserve Bank to make regulations.
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