Payment & Settlement Systems Act, 2007
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One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
When did PSS Act 2007 come into effect?
August 12, 2008
To which geographic area does the PSS Act, 2007 extend?
The whole of India
Which authority regulates payment systems in India under PSS Act?
Reserve Bank of India (RBI)
What is the full form of BPSS under PSS Act?
Board for Regulation and Supervision of Payment and Settlement Systems
Define derivative under PSS Act 2007.
Contract deriving value from underlying asset; includes futures, options, forwards, swaps.
Which section of PSS Act defines important terms?
Section 2(1)
What does electronic funds transfer include?
ATM, point-of-sale, direct deposits, telephone/internet transfers, card payments via electronic means.
Under PSS Act, which section states undefined words take meaning from RBI Act 1934 or BR Act 1949?
Section 2(2)
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