Cancellation of Certificate of Authorisation
Case Brief
In this release, the Reserve Bank of India states that it has cancelled the Certificate of Authorisation (CoA) of the below-mentioned Payment System Operators (PSOs) under the Payment and Settlement Systems Act, 2007. The provided excerpt does not include the actual names of the PSOs or any entity-specific factual findings, but the action itself is a cancellation of operating authorisation.
The Reserve Bank of India, exercising powers under the Payment and Settlement Systems Act, 2007, cancelled the Certificate of Authorisation of the below-mentioned Payment System Operators (PSOs). No specific misconduct details for individual entities are provided in the supplied text.
Severity Assessment
Cancellation of authorisation is a complete regulatory stoppage and is severity 5.
The affected payment system operators can no longer operate under the cancelled CoA. Any payment system activities covered by the authorisation are affected, and counterparties/customers relying on those operators may need to transition to alternative providers.
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