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 the exact nature of the amendments under Sections 152 and 153 has not been reiterated in the latest notification, they are understood to provide greater oversight and operational clarity in the rapidly evolving fintech and digital transactions space.
The amendments will enhance the powers of the Reserve Bank of India (RBI) in regulating and supervising payment systems, improve consumer protection mechanisms, and promote secure, efficient, and accessible digital financial infrastructure.
Official copy of the notification is as follows
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