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Can the Reserve Bank revoke authorization granted under the PSS Act 2007?

April 26, 2017ACT Authorization Bank GRANTED PSS Reserve revoke

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Can the Reserve Bank revoke authorization granted under the PSS Act 2007?

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Yes, the Reserve Bank is empowered to revoke the authorization granted by it, if the system provider contravenes any provisions of the Act or Regulations, fails to comply with its orders/ directions or violates the terms and conditions under which the authorization was granted to it (Section 8 of PSS Act 2007).