MUMBAI: The Payment & Settlement Act, which will define the legal framework for electronic payments, is likely to come into effect in the next two months, a senior Reserve Bank official said.

The Act has received presidential assent and the government notification is awaited, RBI chief general manager AP Hota told reporters on the sidelines of a payment summit.

“We had sought public comments on the draft guidelines of the Act and on Thursday was the last day to submit suggestions. We expect to analyse all comments and finalise guidelines in the next two months,’’ Hota said.