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