law: Payment and Settlement Systems Act, 2007
  8. Revocation of
  
  authorisation. -
  
  1.  
  
    If
  
  a system provider,-
   
  
   i.  
  
    contravenes
  
  any provisions of this Act, or
   
  
   ii.  
  
    does
  
  not comply with the regulations, or
   
  
   iii.  
  
    fails
  
  to comply with the orders or directions issued by the designated authority, or
   
  
   iv.  
  
    operates
  
  the payment system contrary to the conditions subject to which the
  
  authorisation was issued, the Reserve Bank may, by order, revoke the
  
  authorisation given to such system provider under this Act:
  Provided that no order of revocation under
  
  sub-section (1) shall be made- (i) except after giving the system provider a
  
  reasonable opportunity of being heard; and (ii) without prejudice to the
  
  direction of the Reserve Bank to the system provider that the operation of the
  
  payment system shall not be carried out till the order of revocation is issued.
  
  
  1.  
  
  
  2.  
  
    Nothing
  
  contained in sub-section (1) shall apply to a case where the Reserve Bank
  
  considers it necessary to revoke the authorisation given to a payment system in
  
  the interest of the monetary policy of the country or for any other reasons to
  
  be specified by it in the order.
  3.  
  
    The
  
  order of revocation issued under sub-section (1) shall include necessary
  
  provisions to protect and safeguard the interests of persons affected by such
  
  order of revocation.
  4.  
  
    Where
  
  a system provider becomes insolvent or dissolved or wound up, such system
  
  provider shall inform that fact to the Reserve Bank and thereupon the Reserve
  
  Bank shall take such steps as deemed necessary to revoke the authorisation
  
  issued to such system provider to operate the payment system.