Section 7(1) in The Payment And Settlement Systems Act, 2007
(1)The Reserve Bank may, if satisfied, after any inquiry under section 6 or otherwise, that the application is complete in all respects and that it conforms to the provisions of this Act and the regulations issue an authorisation for operating the payment system under this Act having regard to the following considerations, namely:-(i)the need for the proposed payment system or the services proposed to be undertaken by it;(ii)the technical standards or the design of the proposed payment system;(iii)the terms and conditions of operation of the proposed payment system including any security procedure;(iv)the manner in which transfer of funds may be effected within the payment system;(v)the procedure for netting of payment instructions effecting the payment obligations under the payment system;(vi)the financial status, experience of management and integrity of the applicant;(vii)interests of consumers, including the terms and conditions governing their relationship with payment system providers;(viii)monetary and credit policies; and(ix)such other factors as may be considered relevant by the Reserve Bank.
