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Payments and Settlement Systems Act 2007
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About — Payments and Settlement Systems Act 2007
The Payments and Settlement Systems Act, 2007 is a Indian law that establishes a regulatory framework for payment and settlement systems, designating the Reserve Bank of India as the authority to oversee and license them. It aims to ensure safety, efficiency, and integrity of electronic transactions across the economy. It allowed RBI to oversee UPI, handling billions of payments yearly.