With Expansion of Payment Ecosystem, Legal Changes Needed: SBI Official

Mumbai: A top official of State Bank of India on Monday said that with expansion of the payment ecosystem, there is a need for some amendments in the provisions for payments under the Negotiable Instruments Act. "Some regulatory and legislative changes are required in view of the emerging payment ecosystem. Presently, most of the provisions of payments are drawn from Negotiable Instruments Act which is going to gradually lose utilit...