RBI CANCELS AUTHORIZATION CERTIFICATES

RBI CANCELS AUTHORIZATION CERTIFICATES

RBI

Reserve Bank of India (RBI) has cancelled the authorisation certificates of
Muthoot Vehicle and Asset Finance Ltd and Eko India Financial Services
Private Ltd for non-compliance with regulatory requirements.

Both the Payment System Operators (PSOs) had authorisation for issuance
and operation of prepaid payment instruments.  RBI adds that following the
cancellation of the Certificate of Authorisation (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.

The CoA was cancelled on December 31, 2021, RBI said.

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