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The Master Directions on payment system authorisation draw their power from Section 10(2) read with Section 18 of the:
APSS Act, 2007
BRBI Act, 1934
CCompanies Act, 2013
DBanking Act, 1949
Answer & Solution
Correct answer: A. PSS Act, 2007
1. Payment systems are governed by one specific law.
2. Its Chapter III deals with authorisation.
3. That law is the Payment and Settlement Systems Act, 2007.
_Source: RBI Master Directions on Authorisation to operate a Payment System._
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