law: Payment and Settlement Systems Act, 2007
  5. Application for
  
  authorisation. -
  1.  
  
    Any
  
  person desirous of commencing or carrying on a payment system may apply to the
  
  Reserve Bank for an authorisation under this Act.
  2.  
  
    An
  
  application under sub-section (1) shall be made in such form and in such manner
  
  and shall be accompanied by such fees as may be prescribed.