Revocation of Certificate of Authorisation
Case Brief
The Reserve Bank of India revoked the Certificate of Authorisation (CoA) of the below-mentioned Payment System Operators under Section 8 of the Payment and Settlement Systems Act, 2007. The release excerpt does not identify the individual PSOs or provide details of the conduct leading to the revocation.
The Reserve Bank of India exercised its powers under Section 8 of the Payment and Settlement Systems Act, 2007 to revoke the Certificate of Authorisation (CoA) of the below-mentioned Payment System Operators (PSOs). No further factual particulars about the specific PSOs or the underlying cause are provided in the excerpt.
Severity Assessment
Revocation of a Certificate of Authorisation is a license cancellation, which carries severity 5.
The affected payment system operators can no longer operate under the revoked CoA. Any customers, merchants, or counterparties relying on those operators may need to transition to alternative payment service arrangements.
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