Critical Analysis of “The Payment and Settlements Act, 2007”

Abstract

India is a developing country and we all knew this very well. As in each and every field or sector technology has eroded in various forms. However, if everything and every department furnishing itself with number or varieties of services then in this situation one of the most important sector is banking, where several disputes has been recorded with payment issues. If Indian banking sector is discussed, then it has been shaped with variety of factors and also with some development policies and procedures in payment and settlement systems. Since, every country or every sector relating to banking field faces some difficulties which may raise the disputes between the two parties because of payment systems. As, to get rid from these conditions the payment and settlement systems became a must needed part for the proper functioning of market-oriented economies.