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The Payment and Settlement Systems Act, 2007, is a significant legislation in India that provides a comprehensive legal framework for regulating and overseeing payment systems. Its primary objective is to ensure the safety, efficiency, and reliability of payment systems, which are critical for the functioning of modern financial institutions, including cooperative banks and societies involved in cooperative finance. The Act empowers the Reserve Bank of India (RBI) to regulate, authorize, and supervise various payment systems operating in the country. One of the salient features of the Act is that it defines “payment systems” broadly, including systems that facilitate the transfer of funds, instruments like cheques, drafts, electronic funds transfers, and other mechanisms for settlement. This ensures that all types of contemporary and future payment mechanisms fall within the purview ______ _________ _______ ____ __________ ___ __________ ____ ______ _____ ______.
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