The payment and settlement system act 2007

Payment and Settlement System Act, 2007

This edition of The Payment and Settlement Systems Act, 2007 (Act 51 of 2007), updated with amendments introduced by The Payment and Settlement Systems (Amendment) Act, 2015 (18 of 2015), serves as a comprehensive and reliable legal reference for students preparing for the All India Bar Examination (AIBE), as well as professionals in law, banking, fintech, and regulatory compliance.

The book presents the bare text of the law—precisely as enacted—without commentary or interpretation, making it ideal for examination purposes and statutory referencing. It sets out the complete framework for the regulation and supervision of payment systems in India, ensuring secure, efficient, and transparent operations in the financial ecosystem.

The content spans the full scope of the Act, including:

• Authorisation and regulation of payment systems by the Reserve Bank of India

• Powers of the RBI to regulate, supervise, and issue directions to system providers

• Settlement finality and legal recognition of electronic transactions

• Consumer protection provisions in payment systems

• Penal provisions for contraventions under the Act

• Allied Regulations incorporated for comprehensive coverage:

 – Board for Regulation and Supervision of Payment and Settlement System Regulations, 2008

 – Payment and Settlement Systems Regulations, 2008

This edition is particularly suitable for:

• AIBE aspirants seeking a statutorily accurate and updated resource

• Law students and academicians studying financial and banking laws

• Practising advocates handling cases in banking, fintech, and digital payments

• Compliance officers and in-house counsel in banks, NBFCs, and fintech companies

• Policy-makers and regulators working in the payments and settlement ecosystem

Whether used in the exam hall, the office, or the boardroom, this updated text delivers the full legislative authority of The Payment and Settlement Systems Act, 2007, as it applies in 2023.