Action on Atom Technologies
Case Brief
The Reserve Bank of India cancelled the Certificate of Authorisation of M/s Atom Technologies Limited under the Payment and Settlement Systems Act, 2007. The release says the action was taken because the company voluntarily surrendered its authorisation, indicating a withdrawal-type closure rather than an adverse enforcement penalty.
RBI states that, in exercise of its powers under the Payment and Settlement Systems Act, 2007, it has cancelled the Certificate of Authorisation of the payment system operator because the company voluntarily surrendered its authorisation.
Severity Assessment
This is a withdrawal/cancellation following voluntary surrender, so it imposes no forward-looking adverse impact from RBI enforcement.
The company’s authorisation as a payment system operator stands cancelled, and it should no longer operate under that COA. Since the cancellation followed voluntary surrender, the release indicates no additional adverse enforcement impact beyond the cessation of that authorisation.
Published as M/s Atom Technologies Limited
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