Part XIVAMENDMENTS TO CERTAIN ACTS TO PROVIDE FOR MERGER OF TRIBUNALS AND OTHER AUTHORITIES AND CONDITIONS OF SERVICE OF CHAIRPERSONS, MEMBERS, ETC. (From Section 156 to Section 189 )
Designated authority for payment systems established; Payments Regulatory Board to exercise regulatory powers and set procedures. The amendment vests regulation and supervision of payment systems in the central bank to be exercised through a Payments Regulatory Board, and establishes ... Summary
Designated authority for payment systems established; Payments Regulatory Board to exercise regulatory powers and set procedures.
The amendment vests regulation and supervision of payment systems in the central bank to be exercised through a Payments Regulatory Board, and establishes the Board's composition-Governor as Chairperson, specified ex officio members and three persons nominated by the central government-and provides that the Board's powers, functions, meeting procedures (including quorum), and other incidental matters shall be prescribed.
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