The government of India introduced the Payment and Settlement Systems Act, 2007, to enable the regulation and supervision of payment systems in India. The act empowers the Reserve Bank of India (RBI) to fulfil these tasks, enact appropriate policies and provide a sustainable legal basis for multilateral netting and settlement finality.
Board and its duties
Accordingly, the RBI has established a board for the regulation and supervision of payment and settlement systems. The RBI also framed the Payment and Settlement Systems Regulations, 2008, to guide the board’s enforcement of the provisions of the act.
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Mulla & Mulla & Craigie Blunt & Caroe
The board is responsible for granting authorization to various payment system providers in accordance with the act; regulating mobile payments; implementing rules for the issuance and operation of prepaid payment instruments; rationalizing charges for electronic payment products and outstation cheque collection; facilitating the migration of large-value payments from traditional paper instruments to more secure electronic modes; and promoting the use of satellite communication to aid the provision of banking services in remote places.
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Shardul Thacker is a partner with Mulla & Mulla & Craigie Blunt & Caroe in Mumbai.
Mulla & Mulla & Craigie Blunt & Caroe
Mulla House, 51 MG Road
Fort, Mumbai 400 001
India
Tel: +91 22 2204 4960, 2262 3191
Fax: +91 22 2204 0246, 6634 5497
Email: info@mullaandmulla.com
