The Hindu Business Line : Payment systems notified

The Payment and Settlement Systems Act, 2007 and the Payment and Settlement Systems Regulations, 2008 have been notified and have come into effect from August 12, said a notification issued by the Reserve Bank of India on Monday. The Payment and Settlement Systems Act stipulates that no person other than the RBI shall commence or operate a payment system except under and in accordance with an authorisation issued by the RBI, under the provisions of the Act. All persons cu rrently operating a payment system or desirous of setting up a payment system, will cease to have the right to carry on their operations, unless they obtain an authorisation within six months from the commencement of the Act, said the RBI notice. The regulations will give details about the form and manner in which the application is to be made to the RBI for grant of authorisation, the notice said.

— Our Bureau

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