Primary text ↗Verified
Dates
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In force from
Key provisions
3 in the graphThe article’s own text, quoted verbatim from the primary source below — a citable fact, not a summary. No plain-English explanation is shown: writing one would be legal analysis nobody sourced (docs/RULES.md R1). That register is reserved should sourced explanations be added later, and will never share this card’s styling.
Section 4(1) (Payment system not to operate without authorisation)
prov:in-pss-s4
ARTICLE TEXT — VERBATIM, TIER B
4. Payment system not to operate without authorisation. —(1) No person, other than the Reserve
Bank, shall commence or operate a payment system except under and in accordance with an authorisation
issued by the Reserve Bank under the provisions of this Act: source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Section 5(1) (Application for authorisation)
prov:in-pss-s5
ARTICLE TEXT — VERBATIM, TIER B
Any person desirous of commencing or carrying on a
payment system may apply to the Reserve Bank for an authorisation under this Act. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Section 2(1)(i) (Definition of payment system)
prov:in-pss-s2
ARTICLE TEXT — VERBATIM, TIER B
(i) “payment system” means a system that enables payment to be effected between a payer and a source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
National regimes implementing it
2 regimesOne statute, implemented differently by each regime below — the same directive granting different activities, client types and capital figures market by market.
WhereAuthorityRegimeCapital · transitionFirms
INReserve Bank of IndiaPrepaid Payment Instrument Issuer / India / Payment and Settlement Systems ActIssue electronic moneyno data6–12 months source10
INReserve Bank of IndiaPayment Aggregator / India / Payment and Settlement Systems ActExecute payment transactions (direct debits, card payments, credit transfers)no datano data9
Sources
Section 4(1) (Payment system not to operate without authorisation) · Section 5(1) (Application for authorisation) · Section 2(1)(i) (Definition of payment system)Payment and Settlement Systems Act, 2007https://www.indiacode.nic.in/bitstream/123456789/2082/4/a2007-51.pdf
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