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

The Payment and Settlement Systems Act, 2007, is a crucial legislation enacted by the Indian government to regulate and facilitate the functioning of payment systems in the country. This act was passed to provide a legal framework for the establishment, regulation, and supervision of payment systems in India. Here are some of the salient features of the Payment and Settlement Systems Act, 2007:

1. **Regulation of Payment Systems**: One of the primary objectives of the act is to regulate payment systems in India. It provides the legal basis for the regulation of various payment systems, including electronic funds transfer, card payments, ___ __________ _____ ______ ______ _____ _____ ______.
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