The Payment and Settlement Systems Act, 2007

The Payment and Settlement Systems Act, 2007 was enacted to provide for the regulation and supervision of payment and settlement systems in India. The Act establishes the Reserve Bank of India (RBI) as the authority responsible for overseeing the payment and settlement systems, as well as any payment system providers. The Act also lays down provisions for the regulation of payment and settlement systems, as well as penalties for non-compliance.