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RBI cancels CoA of Muthoot Vehicle & Asset Finance and Eko India Financial Services


The Reserve Bank of India on Tuesday in a press release stated that the Certificate of Authorisation (CoA) of Payment System Operators (PSOs) Muthoot Vehicle and Asset Finance Limited and Eko India Financial Services Ltd has been canceled.

The CoAs of both these PSOs were cancelled by the apex bank on account of non-compliance with the regulatory requirements.

Due to the cancellation of their CoAs, these companies cannot transact the business of issuance and operation of Prepaid Payment Instruments. “Customers or merchants having a valid claim, if any, on these companies as PSOs, can approach them for settlement of their claims within three years from the date of cancellation,” the press release states.





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