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TypeBare Act JurisdictionCentral Government

Payment and Settlement Systems Act 2007

Complete Act - all sections

~2 min read
https://sooperkanoon.com/act/51444

Bare act · Research

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.

Research copy - verify against official government publications before filing or court use.

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Act Text

Preamble1 - Payment and Settlement Systems Act 2007
ChapterI - Preliminary
Section1 - Short Title Extent and Commencement
Section2 - Definitions
ChapterII - Designated Authority and Its Committee
Section3 - Designated Authority and Its Committee
ChapterIII - Authorisation of Payment Systems
Section4 - Payment System Not to Operate Without Authorisation
Section5 - Application for Authorisation
Section6 - Inquiry by the Reserve Bank
Section7 - Issueor Refusal of Authorisation
Section8 - Revocation of Authorisation
Section9 - Appeal to the Central Government
ChapterIV - 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
Section13 - Access to Information
Section14 - Power to Enter and Inspect
Section15 - Information, Etc., to Be Confidential
Section16 - Power to Carry out Audit and Inspection
Section17 - Power to Issue Direction
Section18 - Power of Reserve Bank to Give Directions Generally
Section19 - Directions of Reserve Bank to Be Complied with
ChapterV - Rights and Duties of a System Provider
Section20 - System Provider to Act in Accordance with the Act, Regulations, Etc.
Section21 - Duties of a System Provide
Section22 - Duty to Keep Documents in the Payment System Confidential
Section23 - Settlement and Netting
ChapterVI - Settlement of Disputes
Section24 - Settlement of Disputes
Section25 - Dishonour of Electronic Funds Transfer for Insufficiency, Etc., of Funds in Theaccount
ChapterVII - Offences and Penalties
Section26 - Penalties
Section27 - Offences by Companies
Section28 - Cognizance of Offences
Section29 - Application of Fine
Section30 - Power of Reserve Bank to Impose Fines
Section31 - Power to Compound Offences
ChapterVIII - Miscellaneous
Section32 - Act to Have Overriding Effect
Section33 - Mode of Recovery of Penalty
Section34 - Act Not to Apply to Stock Exchanges or Clearing Corporations of Stock Exchanges
Section35 - Certain Persons Deemed to Be Public Servants
Section36 - Protection of Action Taken in Good Faith
Section37 - Power of Reserve Bank to Make Regulations
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.

How can I find court judgments citing the Payment and Settlement Systems Act 2007?

Use “Find citing judgments” on this page to search reported decisions from Indian courts and tribunals that reference the Payment and Settlement Systems Act 2007. You can also start from the Bare Acts hub or run an advanced act search for tighter filters.

Is the act text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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