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What are the duties of a system provider under the PSS Act, 2007 subject to RBI?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Sarath S asked over 2 years ago

Hello, I am a CA Intermediate | CA IPCC student from Bangalore. I want to know about the duties of a system provider under the PSS Act, 2007 subject to RBI. Sarath

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Open uri20170510 32134 nwqd3c?1494421745 NITESH SHARMA answered over 2 years ago

The PSS Act, 2007 lays down the duties of the system provider. The system provider is required to operate the payment system in accordance with the provisions of the Act and the Regulations, the terms and conditions of authorization and the directions given by the Reserve Bank from time to time. The system provider is also required to act in accordance with the contract governing the relationship among the system participants and the rules and regulations which deal with the operation of the payment system. The Act requires the system provider to disclose the terms and conditions including the charges, limitations of liability etc., under the payment system to the system participants. The Act also requires the system provider to provide copies of all the rules and regulations governing the operation of the payment system and other relevant documents to the system participants. The system provider is required to keep the documents and its contents, provided to it by the system participants, as confidential and is prohibited from disclosing the same, except in accordance with the provisions of law.(Sections 20 to 22 of the Act)

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