RBI cancels authorization certificate of Muthoot Vehicle Finance, Acko – World Affairs SRS

RBI cancels authorization certificate of Muthoot Vehicle Finance, Acko

– World Affairs SRS

Reserve Bank of India (RBI) The Certificate of Authorization (COA) of two Payment System Operators (PSOs) have been cancelled: Muthoot Vehicle & Asset Finance Limited and Acko India Financial Services Private Limitedciting non-compliance with regulatory requirements under the Payment and Settlement Systems Act, 2007. Both Muthoot Vahan and Asset Finance Limited and Acko India Financial Services Private Limited had a certificate of authorization issued by the RBI for the issuance and operation of prepaid payment instruments.

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RBI in its press release further mentioned that the COA cancellation came into force on December 31, 2021. But RBI clarified in its notice that customers or merchants who have valid claims on these companies as PSOs can approach them for settlement of their claims. Within three years from the date of cancellation.

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RBI cancels authorization certificates of Muthoot Vehicle Finance, Acko India_60.1

RBI cancels authorization certificates of Muthoot Vehicle Finance, Acko India_70.1

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