The Hindu Business Line : Payment and Settlement Systems Bill passed in LS

New Delhi, Nov. 27 The Lok Sabha has passed the Payment and Settlement Systems Bill that sought to empower the Reserve Bank of India to regulate and oversee the various payment and settlement systems, including those operated by non-banks such as Clearing Corporation of India Ltd, card companies and the proposed National Payments Corporation of India (NPCI).

This Bill was introduced in the Lok Sabha in July 2006 and was referred to the Standing Committee, which came up with its recommendations early this year.

“We do not have a statutorily regulated payment system. This Bill fills this void,” Mr Chidambaram told the Lok Sabha.

A new NPCI would be taking over the operations of retail payment systems in the country. The proposed NPCI would be a public sector company in which the SBI and other public sector banks would hold substantial stake.

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