Payment Systems in India - Vision 2009-12 - Payments System Oversight - RBI - Reserve Bank of India
Payment Systems in India - Vision 2009-12 - Payments System Oversight
III Payments System Oversight 3.1 The guiding principles while pursuing the oversight goal will continue to be objectivity, simplicity and transparency. Streamlining operating instructions, prescribing uniform practices, laying down minimum benchmarks, insisting on adequate redundancies and requiring effective business continuity plans will be vigorously pursued. Focus will be on monitoring implementation of guidelines both in letter and spirit. 3.2 The Payment and Settlement Systems Act, 2007 (the Act) (effective from August 12, 2008) prohibits any entity from commencing or continuing to operate a payment system without the approval of the Bank. The Bank may accord approval to the payment system, based on the need for the proposed activity, the services proposed to be undertaken / offered and the efficiency it will bring to functioning of the payments systems in the country. The Bank, while authorising payment systems, would advise the criteria and prescribe the terms and conditions under which the said systems shall operate. 3.3 It is imperative that payment systems are operated in a safe and efficient manner as well as in the best interests of the public. The Bank shall endeavour to –
3.4 These measures are expected to facilitate an orderly growth and functioning of the payment systems thereby instilling confidence among the various stakeholders. |
Page Last Updated on: September 12, 2023