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51/2007 - The Payment and Settlement Systems Act, 2007 ▶

Act Number: 51

Act Name: The Payment and Settlement Systems Act, 2007

Year: 2007

Enactment Date: 2007-12-20

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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section Number	Title	Actions
1	Short title, extent and commencement.
2	Definitions.
3	Designated authority.
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.
10	Power to determine standards.
11	Notice of change in the payment system.
12	Power to call for returns, documents or other information.
13	Access to information.
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.
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.
23A	Protection of funds collected from customers.
24	Settlement of disputes.
25	Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account.
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.
32	Act to have overriding effect.
33	Mode of recovery of penalty.
34	Act not to apply to stock exchanges or clearing corporations of stock exchanges.
34A	Act to apply to designated trade repository and issuer.
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.
10A	Bank, etc., not to impose charge for using electronic modes of payment.
34B	Powers of Reserve Bank not to apply to International Financial Services Centre