Please clarify which local rules/regulatory requirements the bank shall comply with:

· DURING THE PROCESS OF INITIAL CONNECTION TO CPS SYSTEM

 The Payment and Settlement Systems Act, 2007 [ CHAPTER IV] : This is a central
legislation that governs the payment and settlement systems in India. It establishes the legal
framework for the regulation and supervision of payment systems and settlement systems in
India.
 Guidelines for Payment Gateways and Payment Aggregators [Chapter 4 &5 ]: n These
guidelines were issued by the RBI in 2020 and prescribe various rules and requirements for
the operation of payment gateways and payment aggregators, which are important
components of CPS.
 RTGS (Real Time Gross Settlement) System Regulations: The RBI has issued regulations for
the operation of the RTGS system, which is a CPS that enables real-time settlement of high-
value transactions.
 NEFT (National Electronic Funds Transfer) System Regulations: The RBI has issued
regulations for the operation of the NEFT system, which is a CPS that enables electronic
transfer of funds from one bank account to another.
 Information Technology Act, 2000, which deals with electronic transactions and data
protection,
 And the Indian Contract Act, 1872, which governs contracts and agreements related to
financial transactions.
· AS A DIRECT/NON- DIRECT MEMBER OF CPS SYSTEM
Section II, Master Directions on Access Criteria for Payment Systems
https://m.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10833.
https://m.rbi.org.in/scripts/FAQView.aspx?Id=144