Discuss the salient features of Payment and Settlement Systems Act, 2007.

The Payment and Settlement Systems Act, 2007 is an important legislation in India that governs the regulation and supervision of payment systems and settlement systems in the country. It aims to ensure the safety, efficiency, and integrity of payment and settlement systems. Let's discuss the salient features of the Payment and Settlement Systems Act, 2007:

1. Definition and Scope: The Act provides a comprehensive definition of payment systems, settlement systems, and related terms. It covers a wide range of payment instruments, including cheques, electronic funds transfer, cards, __________ __________ ______ ________ _____ _________ _________.
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