Major Amendments in Payment Law to be effective from 09th May: Finance Ministry
In its recent notification, the Ministry of Finance has officially informed that the Sections 152 and 153 of the Finance Act, 2017 which amend the Payment and Settlement Systems Act 2007, will come into effect from May 09, 2025. The Department of Financial Services made the announcement regarding the amendments via Notification S.O. S.O. 2031(E), dated May 6, 2025.
The provisions brought in under the Finance Act, 2017 with the intent to strengthen the regulatory framework governing digital payments and settlement systems in India. While the exact nature of the amendments under Section 152 and 153 has not been reiterated in this recently released notification. In fact, they are anticipated to provide higher oversight and operational clarity in this dynamic fintech and digital transactions landscape.
Hopefully, the amendments will strengthen the Reserve Bank of India (RBI) powers, such as regulating and supervising payment systems in India, improving the consumer protection framework, and promoting a secure, faster and accessible digital financial infrastructure across the nation.
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