| 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 |
