Indian Laws › Payment and Settlement Systems Act, 2007
Payment and Settlement Systems Act, 2007
Para-wise Payment and Settlement Systems Act, 2007 hub with section pages, subordinate instruments, Finin2min interpretation, examples, Q&A and source-control status.
38 provision pages9 instrument pagesSource-status controlled
How to use this hub
Start with the relevant section page; confirm its official text and effective date; open linked Rules, Regulations, notifications, circulars, directions and forms; then apply the Finin2min interpretation, evidence, example, forum and cross-law controls.
Publication boundary: Source-gated provision architecture; exact text/title reconciliation queue included. The legal-review queue must be closed before any source-gated page is labelled a certified full-text reproduction.
Act provisions
Section 1
Short title, extent and commencementAct provisionsSection 2
DefinitionsAct provisionsSection 3
Designated authorityAct provisionsSection 4
No person other than Reserve Bank to operate or commence a payment system except with authorisationAct provisionsSection 5
Application for authorisationAct provisionsSection 6
Inquiry on applicationAct provisionsSection 7
Issue or refusal of authorisationAct provisionsSection 8
Revocation of authorisationAct provisionsSection 9
Source-controlled provisionAct provisionsSection 10
Power to determine standardsAct provisionsSection 11
Notice of change in payment systemAct provisionsSection 12
Power to call for returns, documents or other informationAct provisionsSection 13
Access to informationAct provisionsSection 14
Power to enter and inspectAct provisionsSection 15
Source-controlled provisionAct provisionsSection 16
Source-controlled provisionAct provisionsSection 17
Power to issue directionsAct provisionsSection 18
Power of Reserve Bank to give directions generallyAct provisionsSection 19
Directions of Reserve Bank to be complied withAct provisionsSection 20
Source-controlled provisionAct provisionsSection 21
Source-controlled provisionAct provisionsSection 22
Source-controlled provisionAct provisionsSection 23
Rights and duties of a system providerAct provisionsSection 24
Settlement and nettingAct provisionsSection 25
Dishonour of electronic funds transfer for insufficiency, etc., of funds in accountAct provisionsSection 26
PenaltyAct provisionsSection 27
Source-controlled provisionAct provisionsSection 28
Source-controlled provisionAct provisionsSection 29
Source-controlled provisionAct provisionsSection 30
Power to impose fineAct provisionsSection 31
AppealAct provisionsSection 32
Source-controlled provisionAct provisionsSection 33
Source-controlled provisionAct provisionsSection 34
Source-controlled provisionAct provisionsSection 35
Source-controlled provisionAct provisionsSection 36
Source-controlled provisionAct provisionsSection 37
Source-controlled provisionAct provisionsSection 38
Power to make regulationsAct provisions
Short title, extent and commencementAct provisionsSection 2
DefinitionsAct provisionsSection 3
Designated authorityAct provisionsSection 4
No person other than Reserve Bank to operate or commence a payment system except with authorisationAct provisionsSection 5
Application for authorisationAct provisionsSection 6
Inquiry on applicationAct provisionsSection 7
Issue or refusal of authorisationAct provisionsSection 8
Revocation of authorisationAct provisionsSection 9
Source-controlled provisionAct provisionsSection 10
Power to determine standardsAct provisionsSection 11
Notice of change in payment systemAct provisionsSection 12
Power to call for returns, documents or other informationAct provisionsSection 13
Access to informationAct provisionsSection 14
Power to enter and inspectAct provisionsSection 15
Source-controlled provisionAct provisionsSection 16
Source-controlled provisionAct provisionsSection 17
Power to issue directionsAct provisionsSection 18
Power of Reserve Bank to give directions generallyAct provisionsSection 19
Directions of Reserve Bank to be complied withAct provisionsSection 20
Source-controlled provisionAct provisionsSection 21
Source-controlled provisionAct provisionsSection 22
Source-controlled provisionAct provisionsSection 23
Rights and duties of a system providerAct provisionsSection 24
Settlement and nettingAct provisionsSection 25
Dishonour of electronic funds transfer for insufficiency, etc., of funds in accountAct provisionsSection 26
PenaltyAct provisionsSection 27
Source-controlled provisionAct provisionsSection 28
Source-controlled provisionAct provisionsSection 29
Source-controlled provisionAct provisionsSection 30
Power to impose fineAct provisionsSection 31
AppealAct provisionsSection 32
Source-controlled provisionAct provisionsSection 33
Source-controlled provisionAct provisionsSection 34
Source-controlled provisionAct provisionsSection 35
Source-controlled provisionAct provisionsSection 36
Source-controlled provisionAct provisionsSection 37
Source-controlled provisionAct provisionsSection 38
Power to make regulationsAct provisions
Rules, Regulations, notifications, circulars and directions
Reserve Bank of India General Regulations, 1949Official RBI/Gazette text and amendment history requiredBanking Regulation (Companies) Rules, 1949Current amended text requiredPayment and Settlement Systems Regulations, 2008Current RBI text requiredBoard for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008Current RBI text requiredMaster Direction - Know Your Customer (KYC)Live Master Direction; amendment and effective-date verification mandatoryReserve Bank - Integrated Ombudsman Scheme, 2021Current scheme and RBI instructions requiredMaster Direction - Non-Banking Financial Company - Scale Based RegulationLive Master Direction; entity-class and date verification mandatoryCredit Card and Debit Card - Issuance and Conduct DirectionsLive direction; current title/version requiredDigital Lending Directions / GuidelinesCurrent consolidated RBI direction and effective date required