Reply To: Overview of Payment Systems in India-Notes By RBI

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advtanmoy
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Indian Payment Legal Framework

  • Reserve Bank of India Act, 1934
  • Payment and Settlement Systems Act, 2007 As Amended up to 2019
  • Payment and Settlement Systems Regulations, 2008 As Amended up to 2022
  • Others – Gazette Notifications
  • RTGS System Regulations 2013
  • Authorisation Applications from Overseas Principals for cross border in-bound money transfer services to India
  • Exchange Houses
  • Interbank- Cheque Drawing Arrangements
  • Procedural Guidelines for Cheque Truncation System (CTS) approved by the Bank for the concerned system provider

Oversight of Payment and Settlement Systems Oversight of the payment and settlement systems is a central bank function whereby the objectives of safety and efficiency are promoted by monitoring existing and planned systems, assessing them against these objectives and, where necessary, inducing change. By overseeing payment and settlement systems, central banks help to maintain systemic stability and reduce systemic risk, and to maintain public confidence in payment and settlement systems. The Payment and Settlement Systems Act, 2007 and the Payment and Settlement Systems Regulations, 2008 framed thereunder, provide the necessary statutory backing to the Reserve Bank of India for undertaking the Oversight function over the payment and settlement systems in the country.