The Reserve Bank of India (RBI), in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of Payment System Operators (PSOs) Muthoot Vehicle & Asset Finance Ltd. and Eko India Finance Services Pvt. Ltd. for non compliance with regulatory requirements.
“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,” the RBI said in a circular.
