The Payment and settlement systems (Amendment) regulations

Payment and Settlement Systems (Amendment) Regulations, 2022

Notification No. CO. DPSS. Ovrst. No. S1417/06.08.001/2021-22.—In exercise of the powers conferred by
sub-section (1) read with clauses (b) to (f) of sub-section (2) of Section 38 of the Payment and Settlement Systems Act, 2007 (51 of 2007), the Reserve Bank of India hereby makes the following amendment to the Payment and Settlement Systems Regulations, 2008 namely –

1. Short Title & Commencement
   (i) These Regulations may be called the Payment and Settlement Systems (Amendment) Regulations, 2022.
   (ii) They shall come into force on the date of their publication in the Official Gazette.
   
2. Amendments
   
   In the Payment and Settlement Systems Regulations, 2008,
   
   (i) In Regulation 5, the word “system provider” shall be substituted with “system participant”.
   
   (ii) In Regulation 6,
   (a) Sub-regulation (2) shall be omitted;
   (b) Sub- regulation (3) shall be renumbered as sub-regulation (2) and substituted with the following, namely,
   “The returns and documents as required by the Bank under sub- regulation (1) above shall be submitted by the system provider in the form specified by the Bank from time to time.”
   (c) Sub- regulation (4) shall be renumbered as sub-regulation (3) and substituted with the following, namely,
   “The returns and documents under sub-regulation (1) shall be submitted by the system provider from its registered office to the office of the Bank (Department of Payment and Settlement Systems, Central Office) situated in Mumbai.”
   Provided that the Bank may at any time, direct that the returns and documents under sub-regulation (1) be submitted to any other office of theBank as may be specified.
   
   (iii) In Schedule, Items numbers 3, 4 and 6 shall be deleted.

Notification

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