Section 38(2) in The Payment And Settlement Systems Act, 2007
(2)In particular, and without prejudice to the generality of the foregoing provision, such regulations may provide for all or any of the following matters, namely:-(a)the powers and functions of the Committee constituted under sub-section (2), the time and venue of its meetings and the procedure to be followed by it at its meetings (including the quorum at such meetings) under sub-section (4) of section 3;(b)the form and manner in which an application for authorisation for commencing or carrying on a payment system shall be made and the fees which shall accompany such application under sub-section (2) of section 5;(c)the form in which an authorisation to operate a payment system under this Act shall be issued under sub-section (2) of section 7;(d)the format of payment instructions and other matters relating to determination of standards to be complied with by the payment systems under sub-section (1) of section 10;(e)the intervals, at which and the form and manner in which the information or returns required by the Reserve Bank shall be furnished under section 12;(f)such other matters as are required to be, or may be, prescribed.
