| SECTIONS |
Payment
and Settlement Systems Act, 2007 |
| |
|
| |
Preamble |
| |
|
| |
CHAPTER I : PRELIMINARY |
| 1. |
Short
title, extent and commencement |
| 2. |
Definitions |
| |
|
| |
CHAPTER II : DESIGNATED AUTHORITY AND ITS COMMITTEE |
| 3. |
Designated
authority and its Committee |
| |
|
| |
CHAPTER III: AUTHORISATION OF
PAYMENT SYSTEMS |
| 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 |
| |
|
| |
CHAPTER IV: REGULATION AND SUPERVISION
BY THE RESERVE BANK |
| 10. |
Power
to determine standards |
| 11. |
Notice
of change in the payment system |
| 12. |
Power
to call for returns, documents or other information |
| 13. |
Short
title, extent and commencement |
| 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 |
| |
|
| |
CHAPTER V: RIGHTS AND DUTIES
OF A SYSTEM PROVIDER |
| 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 |
| |
|
| |
CHAPTER VI: SETTLEMENT OF DISPUTES
|
| 24. |
Settlement
of disputes |
| 25. |
Dishonour
of electronic funds transfer for insufficiency, etc.,
of funds in the account |
| |
|
| |
CHAPTER VII: OFFENCES AND PENALTIES |
| 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 |
| |
|
| |
CHAPTER VIII: MISCELLANEOUS |
| 32. |
Act
to have overriding effect |
| 33. |
Mode
of recovery of penalty |
| 34. |
Act
not to apply to stock ex-changes or clearing corporations
of stock ex-changes |
| 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 |
