Section 3 in The Payment And Settlement Systems Regulations, 2008
3. Submission of application for authorisation for commencing or carrying on a payment system
.-(1) Every person desirous of commencing or carrying on a payment system (hereinafter referred to as "applicant") shall submit an application under sub-section (1) of section 5 of the Act to the Bank for grant of authorisation under sub--section (1) of section 7 of the Act.(2)The application under sub-regulation (1) shall be made in Form A addressed to the Chief General Manager of Department of Payment and Settlement Systems at Central Office of the Bank at Mumbai, or to such other office or officer of the Bank as may be specified by it in this behalf.(3)The application under sub-regulation (1) shall be accompanied by a non-refundable fee of Rs. 10,000 in the form of cash or electronic funds transfer or cheque or payment order or demand draft drawn in favour of the Bank.
