law: Payment and Settlement Systems Act, 2007
  11. Notice of change
  
  in the payment system. -
  1.  
  
    No
  
  system provider shall cause any change in the system which would affect the
  
  structure or the operation of the payment system without- (a) the prior
  
  approval of the Reserve Bank; and (b) giving notice of not less than thirty
  
  days to the system participants after the approval of the Reserve Bank:
  Provided that in the
  
  interest of monetary policy of the country or in public interest, the Reserve
  
  Bank may permit the system provider to make any changes in a payment system
  
  without giving notice to the system participants under clause (b) or requiring
  
  the system provider to give notice for a period longer than thirty days.
  .  
  
  
  2.  
  
    Where
  
  the Reserve Bank has any objection, to the proposed change for any reason, it
  
  shall communicate such objection to the systems provider within two weeks of
  
  receipt of the intimation of the proposed changes from the system provider.
  3.  
  
    The
  
  system provider shall, within a period of two weeks of the receipt of the
  
  objections from the Reserve Bank forward his comments to the Reserve Bank and the
  
  proposed changes may be effected only after the receipt of approval from the
  
  Reserve Bank.