Discuss the salient features of Payment and Settlement Systems Act, 2007.
Himanshu KulshreshthaElite Author
Asked: May 14, 20242024-05-14T16:28:38+05:30 2024-05-14T16:28:38+05:30In: Co-operation, Co-operative Law and Business Laws
Discuss the salient features of Payment and Settlement Systems Act, 2007.
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The Payment and Settlement Systems Act, 2007 (PSS Act), is a significant legislation in India that regulates and governs the payment and settlement systems in the country. It provides a legal framework for the establishment, operation, and oversight of payment systems, ensuring efficiency, safety, and integrity in financial transactions. The salient features of the PSS Act are as follows:
Regulatory Authority:
Definition of Payment and Settlement Systems:
Licensing and Authorization:
Oversight and Supervision:
Interoperability and Accessibility:
Risk Management:
Consumer Protection:
Penalties and Enforcement:
Promotion of Innovation:
In summary, the Payment and Settlement Systems Act, 2007, establishes a robust regulatory framework for payment and settlement systems in India, encompassing licensing, oversight, risk management, consumer protection, and enforcement mechanisms. By promoting safety, efficiency, and innovation, the Act contributes to the resilience and evolution of India's payment ecosystem.