RBI Cancels Certificate of Authroisation of ‘Muthoot Vehicle & Asset Finance and Eko India Financial Services

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/ AddressCoA No./ Date/ Payment System AuthorisedDate & Reason for Cancellation
Muthoot Vehicle & Asset Finance Limited, 1st Floor, Cochin Dental Clinic Building, Market Road, Towards Kombara, Kochi 682 01423/2009
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 12200380/2015
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.

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