TypeBare Act JurisdictionCentral Government Enacted2007

Payment and Settlement Systems Act, 2007

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https://sooperkanoon.com/act/134024

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About this act

Payment and Settlement Systems Act, 2007 (2007) is Central state legislation published on SooperKanoon in full. Use this page to read the bare act and jump to judgments that cite it.

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Act Text

Section1 - Short title, extent and commencement.—

Section2 - Definitions.—

Section3 - Designated authority.—

Section4 - Payment system not to operate without authorisation.—

Section5 - Application for authorisation.—

Section6 - Inquiry by the Reserve Bank.—After the receipt of an application under section 5, and before an authorisation is issued

Section7 - Issue or refusal of authorisation.—

Section8 - Revocation of authorisation.—

Section9 - Appeal to the Central Government.—

Chapter4 - REGULATION AND SUPERVISION BY THE RESERVE BANK

Section10 - Power to determine standards.—

Section11 - Notice of change in the payment system.—

Section12 - Power to call for returns, documents or other information.—The Reserve Bank may call for from any system provider such

Section13 - Access to information.—The Reserve Bank shall have right to access any information relating to the operation of any

Section14 - Power to enter and inspect.—Any officer of the Reserve Bank duly authorised by it in writing in this behalf, may for

Section15 - Information, etc., to be confidential.—

Section16 - Power to carry out audit and inspection.—The Reserve Bank may, for the purpose of carrying out its functions under this

Section17 - Power to issue directions.—Where the Reserve Bank is of the opinion that,—

Section18 - Power of Reserve Bank to give directions generally.—Without prejudice to the provisions of the foregoing, the Reserve

Chapter5 - RIGHTS AND DUTIES OF A SYSTEM PROVIDER

Section19 - Directions of Reserve Bank to be complied with.—Every person to whom a direction has been issued by the Reserve Bank

Section20 - System provider to act in accordance with the Act, regulations, etc.—Every system provider shall operate the payment

Section21 - Duties of a system provider.—

Section22 - Duty to keep documents in the payment system confidential.—

Section23 - Settlement and netting.—

Section24 - Settlement of disputes.—

Section25 - Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account.—

Chapter7 - OFFENCES AND PENALTIES

Section26 - Penalties.—

Section27 - Offences by companies.—

Section28 - Cognizance of offences.—

Section29 - Application of fine.—A court imposing any fine under this Act may direct that the whole or any part thereof shall be

Section30 - Power of Reserve Bank to impose 2[penalties].—

Section31 - Power to compound offences.—

Chapter8 - MISCELLANEOUS

Section32 - Act to have overriding effect.—The provisions of this Act shall have effect notwithstanding anything inconsistent

Section33 - Mode of recovery of penalty.—

Section34 - Act not to apply to stock exchanges or clearing corporations of stock exchanges.—Nothing contained in this Act shall

Section36 - Protection of action taken in good faith.—No suit or other legal proceedings shall lie against the Central Government,

Section37 - Power to remove difficulties.—

Section38 - Power of Reserve Bank to make regulations.—

Frequently asked questions

What is the Payment and Settlement Systems Act, 2007?

The Payment and Settlement Systems Act, 2007, enacted in 2007, is Central state legislation available in full text on SooperKanoon. It is commonly used for legal research alongside judgments that interpret and apply its provisions.

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Payment and Settlement Systems Act, 2007

About this act

Act Text

Frequently asked questions

Brief any judgment in 18 sections.