Action on MMP Mobi Wallet Payment Systems
Case Brief
The Reserve Bank of India cancelled the Certificate of Authorisation of MMP Mobi Wallet Payment Systems Ltd, which operated as a Payment System Operator, under the Payment and Settlement Systems Act, 2007. The release says the action followed the company’s voluntary surrender of authorisation.
The Reserve Bank of India exercised its powers under the Payment and Settlement Systems Act, 2007 to cancel the Certificate of Authorisation of MMP Mobi Wallet Payment Systems Ltd, a Payment System Operator. The release states that the cancellation was due to the company’s voluntary surrender of authorisation.
Severity Assessment
Cancellation of a Certificate of Authorisation is a terminal licensing action, which falls under severity 5.
The company can no longer operate as an authorised payment system operator under the cancelled COA. Any payment system activities requiring RBI authorisation must stop unless covered by another valid permission or framework.
Published as MMP Mobi Wallet Payment Systems Ltd
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