Digital Payment Systems — Tech Evolutions

Entry	Year	Description	Impact
N/A (Act itself)	2007	The Payment and Settlement Systems Act, 2007 (PSS Act) is the foundational legislation. While there hasn't been a major 'amendment act' to the PSS Act itself in recent years, the regulatory landscape is continuously updated through RBI's Master Directions and circulars, which act as dynamic amendments to the operational framework.	The PSS Act established the RBI as the supreme authority for regulating payment systems, providing the legal backing for all subsequent digital payment innovations and regulatory frameworks. Its provisions ensure legal certainty, enforceability of payment instructions, and a robust oversight mechanism, which are critical for fostering trust and growth in the digital payment ecosystem. The Act's broad scope allows the RBI to adapt to new technologies and market developments through its regulatory instruments without requiring frequent legislative amendments.