Section 4(2) in The Payment And Settlement Systems Act, 2007
(2)The Reserve Bank may, under sub-section (1) of this section, authorise a company or corporation to operate or regulate the existing clearing houses or new clearing houses of banks in order to have a common retail clearing house system for the banks throughout the country:Provided, however, that not less than fifty-one per cent. of the equity of such company or corporation shall be held by public sector banks.Explanation. - For the purposes of this clause, "public sector banks" shall include a "corresponding new bank", "State Bank of India" and "subsidiary bank" as defined in section 5 of the Banking Regulation Act, 1949 (10 of 1949)
