Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
28 Aug 2018
Case Brief
The Reserve Bank of India cancelled the Certificate of Authorisation of M/s Tech Mahindra Limited, Noida, a Payment System Operator, under the Payment and Settlement Systems Act, 2007. The release says the action followed the company's voluntary surrender of the authorisation.
Why RBI Acted
The Reserve Bank of India, exercising powers under the Payment and Settlement Systems Act, 2007, cancelled the Certificate of Authorisation (COA) of the listed Payment System Operator (PSO). The release states that the cancellation was on account of voluntary surrender of the authorisation by the company.
Operating Impact
The company can no longer operate under the cancelled Certificate of Authorisation. Any payment system activities that depended on the COA must cease, and counterparties/customers would need to transition away from the affected authorisation.
Regulatory Basis
- Payment and Settlement Systems Act, 2007
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Payment entity