Section 23 of PSSA : Section 23: Settlement And Netting

PSSA

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Explanation using Example

Imagine a scenario where a company, "QuickPay Pvt. Ltd.," operates a payment system that enables businesses to process online transactions. QuickPay is authorized by the Reserve Bank of India (RBI) under Section 7 of the Payment and Settlement Systems Act, 2007, and follows a netting procedure approved by the RBI.

One day, a large retailer, "ShopMax," which is a participant in QuickPay's payment system, files for bankruptcy. Despite this, the netting of payments among the system participants, including ShopMax, continues as p...

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