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Payment and Settlement Systems Act No. 62
(enacted in 2007)
The Payment and Settlement Systems Act No. 62 provides for the regulation and supervision of payment systems in India and designates the Reserve Bank of India as the authority for that purpose.
This act is organized as follows:
- Chapter I Preliminary (includes short title, extent of applicability and definitions);
- Chapter II Designated Authority and its Committee;
- Chapter III Authorisation of Payment Systems;
- Chapter IV Regulation and Supervision by the Reserve Bank;
- Chapter V Rights and Duties of a System Provider;
- Chapter VI Settlement of Disputes;
- Chapter VII Offences and Penalties; and
- Chapter VIII Miscellaneous.