Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
15 Nov 2018
Case Brief
The Reserve Bank of India cancelled the Certificate of Authorisation of MMP Mobi Wallet Payment Systems Ltd, which operated as a Payment System Operator, under the Payment and Settlement Systems Act, 2007. The release says the action followed the company’s voluntary surrender of authorisation.
Why RBI Acted
The Reserve Bank of India exercised its powers under the Payment and Settlement Systems Act, 2007 to cancel the Certificate of Authorisation of MMP Mobi Wallet Payment Systems Ltd, a Payment System Operator. The release states that the cancellation was due to the company’s voluntary surrender of authorisation.
Operating Impact
The company can no longer operate as an authorised payment system operator under the cancelled COA. Any payment system activities requiring RBI authorisation must stop unless covered by another valid permission or framework.
Regulatory Basis
- Payment and Settlement Systems Act, 2007
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Payment entity