RBI releases draft regulations on payment and settlement systems'

Mumbai, Apr 25 (UNI) The Reserve Bank of India (RBI) today released the draft regulations on payment and settlement system.

The Payment and Settlement Systems Act provided powers to the RBI to regulate and supervise the payment and settlement systems in the country.

It gave it authority to permit the setting up /continuance of such systems, call for information/data and issue directions from/ to payment system providers.

The Act also defines a payment system as well as gives legal recognition to multilateral netting and settlement finality. The central bank, which has been empowered to make regulations to implement the provisions of the Act, has come out with the draft guidelines on which it had sought public opinion.

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