Application for authorisation
Section 5 of the Payment and Settlement Systems Act, 2007 deals with application for authorisation. Any person desirous of commencing or carrying on a payment system may apply to the Reserve Bank for an authorisation under this Act. The Act came into force on 12 Aug 2008.
(1) Any person desirous of commencing or carrying on a payment system may apply to the Reserve Bank for an authorisation under this Act.
(2) An application under sub-section (1) shall be made in such form and in such manner and shall be accompanied by such fees as may be prescribed.
Section 5, 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.
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 5
What does Section 5 of the Payment and Settlement Systems Act deal with?
Section 5 of the Payment and Settlement Systems Act is headed "Application for authorisation". Any person desirous of commencing or carrying on a payment system may apply to the Reserve Bank for an authorisation under this Act.
How do I find court cases under Section 5 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 5, section 5 Payment and Settlement Systems Act, section 5 of the Payment and Settlement Systems Act. 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 5 of the Payment and Settlement Systems Act, and has it changed?
3 other provisions in this corpus refer 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 5 of the Payment and Settlement Systems Act come into force?
Section 5 of the Payment and Settlement Systems Act, cited as Payment and Settlement Systems Act 5, 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.