Revocation of Certificate of Authorisation of GI Technology Private Limited
Case Brief
The Reserve Bank of India has revoked the Certificate of Authorisation (CoA) of GI Technology Private Limited, which is identified as a Payment System Operator, under Section 8 of the Payment and Settlement Systems Act, 2007. The release provided does not include the underlying reason or any specific violation, but the action itself is a licence cancellation and therefore a severe regulatory measure.
The Reserve Bank of India, exercising powers under Section 8 of the Payment and Settlement Systems Act, 2007, revoked the Certificate of Authorisation (CoA) of GI Technology Private Limited, a Payment System Operator. The supplied text does not state the factual basis or any specific breach leading to the revocation.
Severity Assessment
Revocation of a Certificate of Authorisation is a licence cancellation, which carries severity 5 under the rubric.
GI Technology Private Limited can no longer operate under the revoked CoA. Any payment system activities previously carried out under this authorisation must cease, subject to any separate legal or transition instructions not mentioned in the release.
Published as GI Technology Private Limited
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