Act Info:
Preamble1 - PAYMENT AND SETTLEMENT SYSTEMS ACT 2007
Chapter I Section1 - Short title extent and commencement
Section2 - Definitions
Chapter II Section3 - Designated authority and its Committee
Chapter III Section4 - Payment System not to operate without authorisation
Section5 - Application for authorisation
Section6 - Inquiry by the Reserve Bank
Section7 - Issue or refusal of authorisation
Section8 - Revocation of authorisation
Section9 - Appeal to the Central Government
Chapter IV 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
Chapter V 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
Chapter VI Section24 - Settlement of disputes
Section25 - Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account
Chapter VII 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
Chapter VIII 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