Power to determine standards
Section 10 of the Payment and Settlement Systems Act, 2007 deals with power to determine standards. The Reserve Bank may, from time to time, prescribe-- (a) the format of payment instructions and the size and shape of such instructions; The Act came into force on 12 Aug 2008.
(1) The Reserve Bank may, from time to time, prescribe--
(a) the format of payment instructions and the size and shape of such instructions;
(b) the timings to be maintained by payment systems;
(c) the manner of transfer of funds within the payment system, either through paper, electronic means or in any other manner, between banks or between banks and other system participants;
(d) such other standards to be complied with the payment systems generally;
(e) the criteria for membership of payment systems including continuation, termination and rejection of membership;
(f) the conditions subject to which the system participants shall participate in such fund transfers and the rights and obligations of the system participants in such funds.
(2) Without prejudice to the provisions of sub-section (1), the Reserve Bank may, from time to time, issue such guidelines, as it may consider necessary for the proper and efficient management of the payment systems generally or with reference to any particular payment system.
Section 10, The Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Referred to by 1
Made under this section, and citing it
1 instrument names this provision in its title or its text without being made under it.
Questions about Section 10
What does Section 10 of the Payment and Settlement Systems Act deal with?
Section 10 of the Payment and Settlement Systems Act is headed "Power to determine standards". The Reserve Bank may, from time to time, prescribe-- (a) the format of payment instructions and the size and shape of such instructions;
How do I find court cases under Section 10 of the Payment and Settlement Systems Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Payment and Settlement Systems Act 10, section 10 Payment and Settlement Systems Act, section 10 of the Payment and Settlement Systems Act. People searching for it also type section 10a of the payment and settlement systems act 2007 and section 10 2 of the payment and settlement systems act 2007. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 10 of the Payment and Settlement Systems Act, and has it changed?
1 other provision in this corpus refers back to it. One instrument names it without being made under it, most recently The Payment and Settlement Systems Regulations, 2008 (2008).
When did Section 10 of the Payment and Settlement Systems Act come into force?
Section 10 of the Payment and Settlement Systems Act, cited as Payment and Settlement Systems Act 10, came into force on 12 Aug 2008, having been enacted on 20 Dec 2007. It is in force as at the date shown on this page.
Other sections of this Act
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 20 Oct 2026. This page is not a substitute for legal advice.