Reserve Bank of India (RBI) has cancelled the Certificate of Authroisation (CoA) of two companies, namely, Muthoot Vehicle & Asset Finance Limited, Kochi and Eko India Financial Services Private Limited, Gurugram, due to non-compliance with regulatory requirements. Now these companies can’s issue/ operate Prepaid Payment Instruments, w..e.f. 31/12/2021. However, customers/ merchants having any valid claim can ask for their settlement within 3 years.
RBI Press Release dt. 04/01/2022: Cancellation of Certificate of Authorisation
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):
| Company’s Name/ Address | CoA No./ Date/ Payment System Authorised | Date & Reason for Cancellation |
| Muthoot Vehicle & Asset Finance Limited, 1st Floor, Cochin Dental Clinic Building, Market Road, Towards Kombara, Kochi 682 014 | 23/2009 dt. 29/10/2009 Issuance and Operation of Prepaid Payment Instruments | 31/12/2021 Non-compliance with regulatory requirements |
| Eko India Financial Services Private Limited, 3rd Floor, Phase II, Plot No 34, Institutional Area, Sector 44, Gurgaon 122003 | 80/2015 dt. 25/03/2015 Issuance and Operation of Prepaid Payment Instruments | –do– |
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.