Recorded RBI impact
Lifted
Action lifted · Lifted / withdrawn
Published by RBI
4 May 2017
Case Brief
The Reserve Bank of India cancelled the Certificate of Authorisation of M/s Beam Money Private Limited, which was operating as a Payment System Operator (PSO), under the Payment and Settlement Systems Act, 2007. The release makes clear that the cancellation occurred because the company voluntarily surrendered its authorisation, so the action is a withdrawal/restoration-type event rather than an RBI-imposed punitive restriction.
Why RBI Acted
RBI cancelled the Certificate of Authorisation (COA) of the payment system operator under the Payment and Settlement Systems Act, 2007. The release states that the cancellation was on account of voluntary surrender of authorisation by the company, indicating a withdrawal rather than an adverse supervisory penalty.
Operating Impact
Beam Money no longer holds the COA for operating as a payment system operator. Because the surrender was voluntary, the release does not indicate an RBI-enforced supervisory restriction; the practical effect is that the company ceases to operate under that authorisation.
Regulatory Basis
- Payment and Settlement Systems Act, 2007
Action Facts
- Primary Impact
- Lifted
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Payment entity