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The Payment and Settlement Systems Act, 2007, was enacted to provide a legal framework for the regulation and supervision of payment systems in India. This legislation was a significant step in modernizing the financial infrastructure of the country, ensuring that electronic and other non-cash transactions were conducted safely, efficiently, and transparently. The Act defines a “payment system” as a system that enables the transfer of funds between participants, including mechanisms for clearing and settlement of payment instructions. It covers various forms of electronic payment systems, such as Real Time Gross ____ _______ _________ ________ _______.
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