Section 10 of PSSA : Section 10: Power To Determine Standards

PSSA

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Explanation using Example

Imagine that a new mobile payment app is being launched in India, offering users the ability to transfer money to one another using their smartphones. Before this app can begin operations, it must comply with the standards set by the Reserve Bank of India (RBI) under the Payment and Settlement Systems Act, 2007.

As per Section 10 of the Act, the RBI may require the app developers to use a specific format for payment instructions that users send through the app. Additionally, the RBI may set certain times during ...

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