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Payment and Settlement Systems Act, 2007

The Reserve Bank derives its authority to regulate payment system operators from the Payment and Settlement Systems (PSS) Act, 2007. The Act designates the RBI as the regulator for all payment systems in India, empowering it to authorise, regulate, and supervise payment system operators and to issue directions to payment system participants.

Key details

Under the PSS Act, the RBI can issue directions binding on all Payment System Providers and Participants.
The Act covers systems that enable fund transfers between a payer and a beneficiary — encompassing cards, UPI, PPIs, and NEFT/RTGS.
Violations can attract monetary penalties and revocation of authorisation.

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