Banks can register a charge on their own if the borrower company fails to register
Yes, lender bank or Financial Institution (FI) can also file application form for registration of charge with the Registrar of Companies. However, it is the responsibility of the company to register the each charge against its assets. If the borrower company fails to file form for registration of charge with ROC, the lender bank or…
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Key Definitions from the PSS Act
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…
Read article Power of RBI to Make Regulations under the PSS Act, 2007
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,…
Read article Settlement and Netting under the PSS Act, 2007
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…
Read article Regulation and Supervision by the RBI under PSS Act
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…
Regulatory Framework of Payment and Settlement Systems in India: Overview of the PSS Act, 2007
The Payment and Settlement Systems Act, 2007 (PSS Act) governs the regulation and supervision of payment systems in India and designates the Reserve Bank of India (RBI) as the regulatory authority for this purpose. The Act empowers the RBI to establish a committee, namely the Board for Regulation and Supervision of Payment and Settlement Systems…
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