Section 24 of PSSA : Section 24: Settlement Of Disputes

PSSA

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Explanation using Example

Imagine a scenario where two banks, Bank A and Bank B, are participants in a digital payment system. Bank A alleges that due to a technical glitch in the payment system, it has not received funds from transactions initiated by Bank B's customers. Bank B maintains that the transactions were processed correctly on their end.

Under Section 24(1) of The Payment and Settlement Systems Act, 2007, the payment system's provider must have rules in place to form a panel of at least three neutral syst...

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