Section 4 in The Payment And Settlement Systems Regulations, 2008
4. Grant of authorisation certificate
.-(1) On consideration of the particulars furnished by the applicant, if the Bank is satisfied that the requirements under sub-section (1) of section 7 of the Act are fulfilled, it may issue an authorisation certificate in Form "B" to the applicant to commence or carry on a payment system and specify the date on which the authorisation shall take effect.(2)The Bank, while granting authorisation, may impose such conditions as it may deem fit, and the authorisation so granted shall be in force subject to satisfaction of such conditions.(3)The Bank may levy such amount as may be specified by it in the authorisation certificate, towards fees for authorisation to be in force under clause (c) of sub-section (2) of section 7 of the Act.(4)Where the Bank considers it necessary for the proper conduct of the payment system, it may require the applicant to furnish a security deposit under clause (d) of sub-section (2) of section 7 of the Act, of such amount as may be specified by the Bank from time to time.
