RBI Cancels Certificate of Authorisation of 5 PSO:
RBI under the payment and settlement systems act, 2007 has canceled the Certificate of Authorisation (CoA) of 5 Payment System Operators (PSOs). Here we have given the complete details in form of an infographic image. So competitive aspirants shall check here and get the important points for your upcoming exams.
The five PSOs, which also includes:
- Pyro Networks Pvt Ltd
- Card Pro Solutions Pvt Ltd
- Aircel Smart Money Ltd
- InCashMe Mobile Wallet Services Pvt Ltd
- Delhi Integrated Multi-Modal Transit System Ltd
Reason for RBI Cancels Certificate of Authorisation of 5 PSO:
Non-compliance with regulatory requirements: Card Pro Solutions Pvt Ltd and InCashMe Mobile Wallet Services Pvt Ltd
Voluntary surrender: Pyro Networks Pvt Ltd and Delhi Integrated Multi-Modal Transit System Ltd
Non-renewal: Aircel Smart Money Ltd
These companies cannot transact the business of issuance and operation of Prepaid Payment Instruments.
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.
Source: The Reserve Bank of India
Importance of this article:
Current Affairs play a major role in various competitive exams. From the exam point of view here we have given you useful information for your upcoming exams. So candidates shall go through this article fully, take the notes it will be useful for your last-minute preparation process.