law: Payment and Settlement Systems Act, 2007
  17. Power to issue
  
  directions. -
  
  Where the Reserve
  
  Bank is of the opinion that,-
  a.  
  
    a
  
  payment system or a system participant is engaging in, or is about to engage
  
  in, any act, omission or course of conduct that results, or is likely to
  
  result, in systemic risk being inadequately controlled; or
  b.  
  
    any
  
  action under clause (a) is likely to affect the payment system, the monetary
  
  policy or the credit policy of the country, the Reserve Bank may issue
  
  directions in writing to such payment system or system participant requiring
  
  it, within such time as the Reserve Bank may specify-
   
  
   i.  
  
    to
  
  cease and desist from engaging in the act, omission or course of conduct or to
  
  ensure the system participants to cease and desist from the act, omission or
  
  course of conduct; or
    
  
   ii.  
  
    to
  
  perform such acts as may be necessary, in the opinion of the Reserve Bank, to
  
  remedy the situation.