Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
7 Apr 2011
Case Brief
RBI, exercising powers under Section 8 of the Payment and Settlement Systems Act, 2007, revoked the authorisation granted to Kaizen Automation Private Limited, Mumbai, for issuance and operation of prepaid cards known as ‘Go Mumbai’ cards. This is a cancellation of the payment-related authorisation, effective immediately.
Why RBI Acted
Under Section 8 of the Payment and Settlement Systems Act, 2007, RBI revoked the authorisation granted to Kaizen Automation Private Limited, Mumbai, for issuance and operation of prepaid cards known as ‘Go Mumbai’ cards. The revocation took immediate effect.
Operating Impact
Kaizen Automation Private Limited can no longer issue or operate the ‘Go Mumbai’ prepaid cards from the effective date. Customers using or relying on these cards are affected by the immediate revocation, and the entity must cease the authorised activity.
Regulatory Basis
- Section 8 of the Payment and Settlement Systems Act, 2007
Action Facts
- Primary Impact
- License cancellation
- Effective From
- 1 Jan 2010
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Payment entity