Section 23A(1) in The Payment And Settlement Systems Act, 2007
(1)The Reserve Bank may, in public interest or in the interest of the customers of designated payment systems or to prevent the affairs of such designated payment system from being conducted in a manner prejudicial to the interests of its customers, require system provider of such payment system to-(a)deposit and keep deposited in a separate account or accounts held in a scheduled commercial bank; or(b)maintain liquid assets in such manner and form as it may specify from time to time,of an amount equal to such percentage of the amounts collected by the system provider of designated payment system from its customers and remaining outstanding, as may be specified by the Reserve Bank from time to time:Provided that the Reserve Bank may specify different percentages and the manner and forms for different categories of designated payment systems.
