Section 30 of PSSA : Section 30: Power Of Reserve Bank To Impose Fines

PSSA

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Explanation using Example

Imagine a scenario where a payment system operator fails to comply with the directives issued by the Reserve Bank of India (RBI) regarding the maintenance of escrow accounts. This non-compliance is a contravention under Section 26 of the Payment and Settlement Systems Act, 2007.

Upon discovering the contravention, the RBI decides to take action against the operator. As per Section 30(1), the RBI has the authority to impose a financial penalty on the operator. Since the amount involved in the non-compliance is quantifiable and substantial, the RBI imposes a penalty that is twice the amount of ...

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