Quick Summary
The Ministry of Finance has officially notified that Sections 152 and 153 of the Finance Act, 2017, which amend the Payment and Settlement Systems Act, 2007, will come into force from May 9, 2025. The announcement was made via Notification S.O. 2031(E), dated May 6, 2025, issued by the Department of Financial Services. These provisions, brought in under the Finance Act, 2017, are aimed at strengthening the regulatory framework governing digital payments and settlement systems in India. While
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FAQ :
The amendments will come into force from May 9, 2025.
Sections 152 and 153 of the Finance Act, 2017 are involved.
The amendments aim to strengthen the regulatory framework governing digital payments and settlement systems in India.
The amendments will enhance the powers of the Reserve Bank of India (RBI) in regulating and supervising payment systems.
The amendments are expected to improve consumer protection mechanisms and promote secure, efficient, and accessible digital financial infrastructure.
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