The Payment and Settlement Systems Act, 2007

42 sections.

Section 1 — Short title, extent and commencement.
Section 2 — Definitions.
Section 3 — Designated authority.
Section 4 — Payment system not to operate without authorisation.
Section 5 — Application for authorisation.
Section 6 — Inquiry by the Reserve Bank.
Section 7 — Issue or refusal of authorisation.
Section 8 — Revocation of authorisation.
Section 9 — Appeal to the Central Government.
Section 10 — Power to determine standards.
Section 10A — Bank, etc., not to impose charge for using electronic modes of payment.
Section 11 — Notice of change in the payment system.
Section 12 — Power to call for returns, documents or other information.
Section 13 — Access to information.
Section 14 — Power to enter and inspect.
Section 15 — Information, etc., to be confidential.
Section 16 — Power to carry out audit and inspection.
Section 17 — Power to issue directions.
Section 18 — Power of Reserve Bank to give directions generally.
Section 19 — Directions of Reserve Bank to be complied with.
Section 20 — System provider to act in accordance with the Act, regulations, etc.
Section 21 — Duties of a system provider.
Section 22 — Duty to keep documents in the payment system confidential.
Section 23 — Settlement and netting.
Section 23A — Protection of funds collected from customers.
Section 24 — Settlement of disputes.
Section 25 — Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account.
Section 26 — Penalties.
Section 27 — Offences by companies.
Section 28 — Cognizance of offences.
Section 29 — Application of fine.
Section 30 — Power to exempt.
Section 31 — Power to compound offences.
Section 32 — Act to have overriding effect.
Section 33 — Mode of recovery of penalty.
Section 34 — Act not to apply to stock exchanges or clearing corporations of stock exchanges.
Section 34A — Act to apply to designated trade repository and issuer.
Section 34B — Powers of Reserve Bank not to apply to International Financial Services Centre
Section 35 — Certain persons deemed to be public servants.
Section 36 — Protection of action taken in good faith.
Section 37 — Power to remove difficulties.
Section 38 — Power of Reserve Bank to make regulations.

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