Question

What is the newly assigned penalty under the Payment and Settlement Systems Act (PSS Act) for contraventions?

Q: Answer-What is the newly assigned penalty under the Payment and Settlement Systems Act (PSS Act) for contra...

The Reserve Bank of India RBI has revised the penalty framework under the Payment and Settlement Systems Act PSS Act. The maximum penalty for contraventions such as unauthorized operation of payment systems, disclosure violations, or non-payment of penalties has been increased from 5 lakh to 10 lakh or twice the amount involved, whichever is higher. Additionally, an extra penalty of 25,000 per day may be imposed for ongoing violations.