RBI revokes the Authorisation granted to Kaizen Automation Private Ltd; Mumbai for issuance of prepaid cards known as ‘Go Mumbai’ cards
Case Brief
RBI, exercising powers under Section 8 of the Payment and Settlement Systems Act, 2007, revoked the authorisation granted to Kaizen Automation Private Limited, Mumbai, for issuance and operation of prepaid cards known as ‘Go Mumbai’ cards. This is a cancellation of the payment-related authorisation, effective immediately.
Under Section 8 of the Payment and Settlement Systems Act, 2007, RBI revoked the authorisation granted to Kaizen Automation Private Limited, Mumbai, for issuance and operation of prepaid cards known as ‘Go Mumbai’ cards. The revocation took immediate effect.
Severity Assessment
Revocation of an authorisation to issue and operate prepaid cards is a full licence-style cancellation, which falls in severity 5.
Kaizen Automation Private Limited can no longer issue or operate the ‘Go Mumbai’ prepaid cards from the effective date. Customers using or relying on these cards are affected by the immediate revocation, and the entity must cease the authorised activity.
Published as Kaizen Automation Private Limited
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