Section 13 of The Payment and Settlement Systems Act, 2007
The Reserve Bank shall have right to access any information relating to the operation of any payment system and system provider and all the system participants shall provide access to such information to the Reserve Bank.
Summary
- The Reserve Bank has a legal right to see any information it needs.
- This right specifically covers information about how a payment system is operated.
- Both the person running the system (the provider) and the people using it to send money (the participants) have a duty here.
- These people must provide the Reserve Bank with the access it needs to get that information.
Practical examples
FAQ
1. Does the Reserve Bank have to wait for a report to be sent?
No, under this section they have a "right to access" information directly rather than just waiting for a return to be filed.
2. Who is responsible for giving this access?
Both the system provider (the owner) and all the system participants (like banks or members) are responsible.
3. What kind of information is covered?
Any information that relates to the operation of the payment system is included.
4. Can a participant bank say "no" because they are not the owner?
No, the law specifically says system participants shall provide access to such information.
Test yourself
Q1.Under Section 13 of The Payment and Settlement Systems Act, 2007, which entity has the right to access information relating to the operation of a payment system?
Q2.Who is legally obligated to provide information access to the Reserve Bank under Section 13 of The Payment and Settlement Systems Act, 2007?
Q3.What specific type of information does Section 13 of The Payment and Settlement Systems Act, 2007, give the Reserve Bank the right to access?
Q4.According to Section 13 of The Payment and Settlement Systems Act, 2007, the right to access information is: