law: Payment and Settlement Systems Act, 2007
  7. Issue or refusal
  
  of authorisation. -
  1.  
  
    The
  
  Reserve Bank may, if satisfied, after any inquiry under section 6 or otherwise,
  
  that the application is complete in all respects and that it conforms to the
  
  provisions of this Act and the regulations issue an authorisation for operating
  
  the payment system under this Act having regard to the following
  
  considerations, namely:-
   
  
   i.  
  
    the
  
  need for the proposed payment system or the services proposed to be undertaken
  
  by it;
   
  
   ii.  
  
    the
  
  technical standards or the design of the proposed payment system;
   
  
   iii.  
  
    the
  
  terms and conditions of operation of the proposed payment system including any
  
  security procedure;
   
  
   iv.  
  
    the
  
  manner in which transfer of funds may be effected within the payment system;
   
  
   v.  
  
    the
  
  procedure for netting of payment instructions effecting the payment obligations
  
  under the payment system;
   
  
   vi.  
  
    the
  
  financial status, experience of management and integrity of the applicant;
   
  
   vii.  
  
    interests
  
  of consumers, including the terms and conditions governing their relationship
  
  with payment system providers;
   
  
   viii.  
  
    monetary
  
  and credit policies; and
   
  
   ix.  
  
    such
  
  other factors as may be considered relevant by the Reserve Bank.
  1.  
  
  
  2.  
  
    An
  
  authorisation issued under sub-section (1) shall be in such form as may be
  
  prescribed and shall-
  a.  
  
    state
  
  the date on which it takes effect;
  b.  
  
    state
  
  the conditions subject to which the authorisation shall be in force;
  c.  
  
    indicate
  
  the payment of fees, if any, to be paid for the authorisation to be in force;
  d.  
  
    if
  
  it considers necessary, require the applicant to furnish such security for the
  
  proper conduct of the payment system under the provisions of this Act;
  e.  
  
    continue
  
  to be in force till the authorisation is revoked.
  3.  
  
    Where
  
  the Reserve Bank considers that the application for authorisation should be
  
  refused, it shall give the applicant a written notice to that effect stating
  
  the reasons for the refusal: Provided that no such application shall be refused
  
  unless the applicant is given a reasonable opportunity of being heard.
  4.  
  
    Every
  
  application for authorisation shall be processed by the Reserve Bank as soon as
  
  possible and an endeavour shall be made to dispose of such application within
  
  six months from the date of filing of such application.