law: Payment and Settlement Systems Act, 2007
  Chapter IV:
  
  Regulation and Supervision by the Reserve Bank
  10. Power to
  
  determine standards. -
  1.  
  
    The
  
  Reserve Bank may, from time to time, prescribe-
  a.  
  
    the
  
  format of payment instructions and the size and shape of such instructions;
  b.  
  
    the
  
  timings to be maintained by payment systems;
  c.  
  
    the
  
  manner of transfer of funds within the payment system, either through paper,
  
  electronic means or in any other manner, between banks or between banks and
  
  other system participants;
  d.  
  
    such
  
  other standards to be complied with the payment systems generally;
  e.  
  
    the
  
  criteria for membership of payment systems including continuation, termination
  
  and rejection of membership;
  f.  
  
    the
  
  conditions subject to which the system participants shall participate in such
  
  fund transfers and the rights and obligations of the system participants in
  
  such funds.
  2.  
  
    Without
  
  prejudice to the provisions of sub-section (1), the Reserve Bank may, from time
  
  to time, issue such guidelines, as it may consider necessary for the proper and
  
  efficient management of the payment systems generally or with reference to any
  
  particular payment system.