Cancellation of Certificate of Authorisation - M/s Beam Money Private Limited
Case Brief
The Reserve Bank of India cancelled the Certificate of Authorisation of M/s Beam Money Private Limited, which was operating as a Payment System Operator (PSO), under the Payment and Settlement Systems Act, 2007. The release makes clear that the cancellation occurred because the company voluntarily surrendered its authorisation, so the action is a withdrawal/restoration-type event rather than an RBI-imposed punitive restriction.
RBI cancelled the Certificate of Authorisation (COA) of the payment system operator under the Payment and Settlement Systems Act, 2007. The release states that the cancellation was on account of voluntary surrender of authorisation by the company, indicating a withdrawal rather than an adverse supervisory penalty.
Severity Assessment
Although the COA is cancelled, the text says this was due to voluntary surrender, so it is a withdrawal with no forward-looking adverse action from RBI.
Beam Money no longer holds the COA for operating as a payment system operator. Because the surrender was voluntary, the release does not indicate an RBI-enforced supervisory restriction; the practical effect is that the company ceases to operate under that authorisation.
Published as M/s Beam Money Private Limited
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