Advocate OS
Start free

In force

The Payment and Settlement Systems Act, 2007

39 sections · As amended up to 2026-08

Sections

  1. I — PRELIMINARY
  2. 1Short title, extent and commencement
  3. V — RIGHTS AND DUTIES OF A SYSTEM PROVIDER
  4. 2Existing Explanation numbered as Explanation 1 by s. 3, ibid . (w.e.f. 1-6-2015)
  5. 3The Explanation 2 ins. by s. 3, ibid . (w.e.f. 1-6-2015)
  6. III — AUTHORISATION OF PAYMENT SYSTEMS
  7. 4Payment system not to operate without authorisation
  8. 5Application for authorisation
  9. 6Inquiry by the Reserve Bank
  10. 7Issue or refusal of authorisation
  11. 8Revocation of authorisation
  12. 9Appeal to the Central Government
  13. IV — REGULATION AND SUPERVISION BY THE RESERVE BANK
  14. 10Power to determine standards
  15. 11Notice of change in the payment system
  16. 12Power to call for returns, documents or other information
  17. 13Access to information
  18. 14Power to enter and inspect
  19. 15Information, etc., to be confidential
  20. 16Power to carry out audit and inspection
  21. 18Power of Reserve Bank to give directions generally
  22. 19Directions of Reserve Bank to be complied with
  23. V — RIGHTS AND DUTIES OF A SYSTEM PROVIDER
  24. 20System provider to act in accordance with the Act, regulations, etc
  25. 21Duties of a system provider
  26. 22Duty to keep documents in the payment system confidential
  27. 23Settlement and netting
  28. 23AProtection of funds collected from customers
  29. VI — SETTLEMENT OF DISPUTES
  30. 24Settlement of disputes
  31. 25Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account
  32. VII — OFFENCES AND PENALTIES
  33. 26Penalties
  34. 27Offences by companies
  35. 28Cognizance of offences
  36. 29Application of fine
  37. 30Power of Reserve Bank to impose[2] [penalties]
  38. 31Power to compound offences
  39. VIII — MISCELLANEOUS
  40. 32Act to have overriding effect
  41. 33Mode of recovery of penalty
  42. 34Act not to apply to stock exchanges or clearing corporations of stock exchanges
  43. 34AAct to apply to designated trade repository and issuer
  44. 35Certain persons deemed to be public servants
  45. 36Protection of action taken in good faith
  46. 37Power to remove difficulties
  47. 38Power of Reserve Bank to make regulations