The organization shall operate the payment system or provide payment services in accordance with this Act, the regulations made under this Act, the instructions issued by the bank and the conditions specified in the permit and other prevailing laws.
(2) The institution shall fully comply with the payment, clearing, settlement and reconciliation procedures approved or issued by the bank.
(3) The organization shall start work related to payment system operator or payment service provider as mentioned in the permit within the period specified in the permit.
(4) The bank may cancel the license of the organization that does not start work within the period as per sub-section (3) as prescribed.