RBI has cancelled the Certificate of Authorisation (CoA)
RBI has cancelled the Certificate of Authorisation (CoA)
The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operators (PSOs):
| Sr. No. | Company’s Name | Registered Office Address | CoA No. & Date | Payment System Authorised | Date of Cancellation | Reason for Cancellation |
| 1. | Muthoot Vehicle & Asset Finance Limited | 1st Floor, Cochin Dental Clinic Building, Market Road, Towards Kombara, Kochi – 682 014 | 23/2009 dated 29.10.2009 | Issuance and Operation of Prepaid Payment Instruments | 31.12.2021 | Non-compliance with regulatory requirements |
| 2. | Eko India Financial Services Private Limited | 3rd Floor, Phase II, Plot No 34, Institutional Area, Sector 44, Gurgaon – 122 003 | 80/2015 dated 25.03.2015 | Issuance and Operation of Prepaid Payment Instruments | 31.12.2021 | Non-compliance with regulatory requirements |
2. Following the cancellation of the CoA, these companies cannot transact the business of issuance and operation of Prepaid Payment Instruments. However, customers or merchants having a valid claim, if any, on these companies as PSOs, can approach them for settlement of their claims within three years from the date of cancellation.
Read More on RBI
