Cancellation of Certificate of Authorisation - M/s Tech Mahindra Limited, Noida
Case Brief
The Reserve Bank of India cancelled the Certificate of Authorisation of M/s Tech Mahindra Limited, Noida, a Payment System Operator, under the Payment and Settlement Systems Act, 2007. The release says the action followed the company's voluntary surrender of the authorisation.
The Reserve Bank of India, exercising powers under the Payment and Settlement Systems Act, 2007, cancelled the Certificate of Authorisation (COA) of the listed Payment System Operator (PSO). The release states that the cancellation was on account of voluntary surrender of the authorisation by the company.
Severity Assessment
Cancellation of a Certificate of Authorisation is a full licence-style termination, which carries severity 5 under the rubric.
The company can no longer operate under the cancelled Certificate of Authorisation. Any payment system activities that depended on the COA must cease, and counterparties/customers would need to transition away from the affected authorisation.
Published as M/s Tech Mahindra Limited, Noida
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