The PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007

PRELIMINARY

Section 1 — Short title, extent and commencement.

(1) This Act may be called the Payment and Settlement Systems Act, 2007.

(2) It extends to the whole of India.

(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act, and any reference to the commencement in any such provision of this Act shall be construed as a reference to the commencement of that provision.

Browse all 40 sections
  1. 1.Short title, extent and commencement.
  2. 2.Definitions.
  3. 3.Designated authority and its Committee.
  4. 4.Payment system not to operate without authorisation.
  5. 5.Application for authorisation.
  6. 6.Inquiry by the Reserve Bank.
  7. 7.Issue or refusal of authorisation.
  8. 8.Revocation of authorisation.
  9. 9.Appeal to the Central Government.
  10. 10.Power to determine standards.
  11. 11.Notice of change in the payment system.
  12. 12.Power to call for returns, documents or other information.
  13. 13.Access to information.
  14. 14.Power to enter and inspect.
  15. 15.Information, etc., to be confidential.
  16. 16.Power to carry out audit and inspection.
  17. 17.Power to issue directions.
  18. 18.Power of Reserve Bank to give directions generally.
  19. 19.Directions of Reserve Bank to be complied with.
  20. 20.System provider to act in accordance with the Act, regulations, etc.
  21. 21.Duties of a system provider.
  22. 22.Duty to keep documents in the payment system confidential.
  23. 23.Settlement and netting.
  24. 23A.Protection of funds collected from customers.
  25. 24.Settlement of disputes.
  26. 25.Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account.
  27. 26.Penalties.
  28. 27.Offences by companies.
  29. 28.Cognizance of offences.
  30. 29.Application of fine.
  31. 30.Power of Reserve Bank to impose fines.
  32. 31.Power to compound offences.
  33. 32.Act to have overriding effect.
  34. 33.Mode of recovery of penalty.
  35. 34.Act not to apply to stock exchanges or clearing corporations of stock exchanges.
  36. 34A.Act to apply to designated trade repository and issuer.
  37. 35.Certain persons deemed to be public servants.
  38. 36.Protection of action taken in good faith.
  39. 37.Power to remove difficulties.
  40. 38.Power of Reserve Bank to make regulations.