Revocation of authorisation
Section 8 of the Payment and Settlement Systems Act, 2007 deals with revocation of authorisation. If a system provider,-- (i) contravenes any provisions of this Act, or (ii) does not comply with the regulations, or (iii) fails to comply with the orders or directions issued by the designated authority, or (iv) operates the payment system contrary to the conditions subject to which the authorisati The Act came into force on 12 Aug 2008.
(1) If a system provider,--
(i) contravenes any provisions of this Act, or
(ii) does not comply with the regulations, or
(iii) fails to comply with the orders or directions issued by the designated authority, or
(iv) operates the payment system contrary to the conditions subject to which the authorisation was issued,
the Reserve Bank may, by order, revoke the authorisation given to such system provider under this Act:
Provided that no order of revocation under sub-section (1) shall be made--
(i) except after giving the system provider a reasonable opportunity of being heard; and
(ii) without prejudice to the direction of the Reserve Bank to the system provider that the operation of the payment system shall not be carried out till the order of revocation is issued.
(2) Nothing contained in sub-section (1) shall apply to a case where the Reserve Bank considers it necessary to revoke the authorisation given to a payment system in the interest of the monetary policy of the country or for any other reasons to be specified by it in the order.
(3) The order of revocation issued under sub-section (1) shall include necessary provisions to protect and safeguard the interests of persons affected by such order of revocation.
(4) Where a system provider becomes insolvent or dissolved or wound up, such system provider shall inform that fact to the Reserve Bank and thereupon the Reserve Bank shall take such steps as deemed necessary to revoke the authorisation issued to such system provider to operate the payment system.
Section 8, 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
Questions about Section 8
What does Section 8 of the Payment and Settlement Systems Act deal with?
Section 8 of the Payment and Settlement Systems Act is headed "Revocation of authorisation". If a system provider,-- (i) contravenes any provisions of this Act, or (ii) does not comply with the regulations, or (iii) fails to comply with the orders or directions issued by the designated authority, or (iv) operates the payment system contrary to the conditions subject to which the authorisati
How do I find court cases under Section 8 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 8, section 8 Payment and Settlement Systems Act, section 8 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 8 of the Payment and Settlement Systems Act, and has it changed?
1 other provision in this corpus refers back to it.
When did Section 8 of the Payment and Settlement Systems Act come into force?
Section 8 of the Payment and Settlement Systems Act, cited as Payment and Settlement Systems Act 8, 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.