BANKING AFFAIRS

Detailed explanation-1: -Under the PSS Act, 2007, two Regulations have been made by the Reserve Bank of India, namely, the Board for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008 and the Payment and Settlement Systems Regulations, 2008.

Detailed explanation-2: -The 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: -(4) Where a system provider becomes insolvent or dissolved or wound up, such system provider shall inform, that fact to the Reserve Bank and thereupon the Reserve Bank shall take such steps as deemed necessary to revoke the authorisation issued to such system provider to operate the payment system.

Detailed explanation-4: -It further explained that the payment system includes a system enabling credit card, debit card, smart card operations, or money transfer operations, etc. Section 34 of the PSS Act states that stock exchange or clearing corporations set up under stock exchange are not applicable under this Act.