Money & Banking

RBI cancels Certificate of Authorisation of five PSOs

Mumbai | Updated on November 13, 2020

The Reserve Bank of India (RBI) has cancelled the Certificate of Authorisation (CoA) of five Payment System Operators (PSOs), including Aircel Smart Money Ltd and Delhi Integrated Multi-Modal Transit System Ltd.

The five PSOs, which also includes Pyro Networks Pvt Ltd, Card Pro Solutions Pvt Ltd, and InCashMe Mobile Wallet Services Pvt Ltd, were issued COA for issuance and operation of prepaid payment instruments.

The central bank, in a statement, said it cancelled the COA of Delhi Integrated Multi-Modal Transit System Ltd and Pyro Networks Pvt Ltd due to voluntary surrender.

The COA of Card Pro Solutions Pvt Ltd and InCashMe Mobile Wallet Services Pvt Ltd have been cancelled due to non-compliance with regulatory requirements, it added.

The RBI cancelled the COA of Aircel Smart Money due to non-renewal.

Published on November 13, 2020

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