Nation Rajya Sabha passed Payments and Settlement Systems (Amendment) Bill, 2014 i. The Rajya Sabha on 27 April 2015 passed Payments and Settlement Systems (Amendment) Bill, 2014 with voice vote. With this the bill has been passed by both the houses of Parliament. It was passed by the Lok Sabha on 9 December 2014. ii. The bill seeks to amend the Payment and Settlement Systems Act, 2007 so as to address the problem of insolvency in the payment and settlement system by increasing transparency. It is also aimed at bringing India's banking payment system in sync with international practices. iii. It has introduced three definitions in regard to this and they are Issuer: It means a person who issues a legal entity identifier or similar unique identification, as specified by the RBI from time to time Legal entity identifier: It is a unique identity code assigned to a person by an issuer to identify that person in such derivatives or financial transactions, as sp...
A mile closer to the milestone...