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Sec 16, Payment & Settlement Systems Act 07: Power to carry out Audit & Inspection

The Payment and Settlement Systems Act 2007,

Chapter IV (Authorization of Payment Systems),

Section 16 (Power to carry out audit and inspection) :‒

❝The Reserve Bank may, for the purpose of carrying out its functions under this Act, conduct or get conducted audits and inspections of a payment system or participants thereof and it shall be the duty of the system provider and the system participants to assist the Reserve Bank to carry out such audit or inspection, as the case may be.❞

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