The Reserve Bank of India (RBI), in the exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the following two Payment System Operators (PSOs) for the Non-compliance with regulatory requirements:
Muthoot Vehicle & Asset Finance Limited
Eko India Financial Services Private Limited
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.