BANKING AFFAIRS

Detailed explanation-1: -The PSS Act, 2007 received the assent of the President on 20th December 2007 and it came into force with effect from 12th August 2008.

Detailed explanation-2: -India Code: Payment and Settlement Systems Act, 2007. Long Title: An Act to provide for the regulation and supervision of payment systems in India and to designate the Reserve Bank of India as the authority for that purpose and for matters connected therewith or incidental thereto.

Detailed explanation-3: -In India, the payment and settlement systems are regulated by the Payment and Settlement Systems Act, 2007 (PSS Act) which was legislated in December 2007. The PSS Act as well as the Payment and Settlement System Regulations, 2008 (PSS Regulations) framed thereunder came into effect from August 12, 2008.

Detailed explanation-4: -The objectives of The Payment and Settlement Systems Act, 2007 are: To provide regulation and supervision of payment methods in India. To designate RBI, the apex institution as authority for purposes related to payment systems in India.