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Payment and Settlement Systems Act, 2007

Kumari Sonali

Payment and Settlement Systems Act, 2007:

The Reserve Bank of India (RBI) has tightened norms for imposing monetary penalties and compounding offences under the Payment and Settlement Systems Act, 2007 (PSS Act).The Payment and Settlement Systems Act, 2007 (PSS Act) is a legislation that regulates and supervises payment systems in India. It designates the Reserve Bank of India (RBI) as the authority responsible for overseeing payment systems and ensuring their smooth functioning.Aim is To provide a legal framework for the regulation and supervision of payment systems in India.

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