Payment and Settlement Systems Act, 2007

Contents
Sections	Particulars
	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
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