(1) The Reserve Bank may, from time to time, prescribe--
         (a) the format of payment instructions and the size and shape of such instructions;
         (b) the timings to be maintained by payment systems;
         (c) the manner of transfer of funds within the payment system, either through paper, electronic means or in any other manner, between banks or between banks and other system participants;
         (d) such other standards to be complied with the payment systems generally;
         (e) the criteria for membership of payment systems including continuation, termination and rejection of membership;
         (f) the conditions subject to which the system participants shall participate in such fund transfers and the rights and obligations of the system participants in such funds.
     (2) Without prejudice to the provisions of sub-section (1), the Reserve Bank may, from time to time, issue such guidelines, as it may consider necessary for the proper and efficient management of the payment systems generally or with reference to any particular payment system.