Cancellation of Certificate of Authorisation

Case Brief

The Reserve Bank of India has cancelled the Certificate of Authorisation of the Payment System Operators named in the release, acting under the Payment and Settlement Systems Act, 2007. Based on the provided excerpt, the specific PSOs affected and the reasons for cancellation are not stated.

Action Snapshot

Primary Impact: License cancellation
Entity Type: Payment entity
Action Type: License cancellation
Order Date

Unknown date

Effective From

Unknown date

Entities Affected

1

Why RBI Acted

Licensing breach

The Reserve Bank of India, exercising powers under the Payment and Settlement Systems Act, 2007, cancelled the Certificate of Authorisation (CoA) of the below-mentioned Payment System Operators (PSOs). The provided text excerpt does not state the names of the affected operators or the detailed reasons for cancellation.

Severity Assessment

Cancellation of a Certificate of Authorisation is a complete licensing action and is severity 5.

Impact

The affected payment system operators can no longer operate under the cancelled authorisation. Any payment system services they provided under the CoA would need to cease unless otherwise permitted by law or a new authorisation is obtained.

Regulatory Basis

Payment and Settlement Systems Act, 2007