The Payment and Settlement Systems (PSS) Act, 2007 is an Indian law enacted to regulate and supervise payment systems in the country. It designates the **Reserve Bank of India (RBI)** as the primary regulatory authority and provides the legal framework for operating payment systems. The Act ensures smooth functioning, settlement finality, and mandatory authorization for…
The Payment and Settlement Systems (PSS) Act, 2007 empowers the Reserve Bank of India (RBI) to regulate and supervise payment and settlement systems in India. To exercise these powers, the RBI operates through its designated body, the Payments Regulatory Board (PRB). These powers enable the RBI to authorize operators, prescribe standards, conduct inspections, impose penalties,…
The Payment and Settlement Systems (PSS) Act, 2007 is India’s primary legislation governing payment systems. It designates the Reserve Bank of India (RBI) as the central authority for authorizing, regulating, and supervising these systems. One of the critical areas covered under this Act is settlement and netting, specifically laid down in Section 23, which provides…
Under the Payment and Settlement Systems Act, 2007, the Reserve Bank of India (RBI) is empowered with comprehensive regulation and supervision responsibilities over payment systems in India. Key points of RBI’s regulation and supervision include: Together, these powers and supervisory mechanisms enable RBI to maintain a safe, secure, efficient, and authorized payment ecosystem in India…
The ‘Payment and Settlement Systems Act, 2007 (PSS Act)’ lays down the legal foundation for regulating and supervising payment systems in India. Two of its most crucial provisions relate to the Designated Authority and Authorization, which define who governs payment systems and how entities are permitted to operate. Designated Authority * Reserve Bank of India…
