Certified on 20 September 2005. Covers payment, clearing and settlement systems, money service providers and electronic presentment of cheques. The Central Bank may designate systems (ss. 13, 19), issue binding directives (ss. 12, 15, 21) and regulate money service providers (ss. 11, 17); settlement finality and netting are protected (ss. 23-24, 28) and electronic cheque presentment is provided for (ss. 33-36).
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with KYC directions under the Payment and Settlement Systems Act, 2007. Following a…
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