RBI cancels certificate of authorisation of Vodafone m-pesa
The Reserve Bank of India on Tuesday said it has cancelled the Certificate of Authorisation (CoA) of Vodafone m-pesa on account of voluntary surrender of authorisation.
Following the cancellation of the CoA, the company cannot transact the business of issuance and operation of prepaid payment instruments, the central bank said.
However, customers or merchants having a valid claim on the company as a PSO, can approach the company for settlement of their claims within three years from the date of cancellation i.e. by September 30, 2022.
Vodafone m-pesa, a Payment System Operator (PSO), had voluntarily surrendered the authorisation, it said.
Last year, Vodafone Idea had decided to close m-pesa vertical following the closure of Aditya Birla Idea Payments Bank Ltd (ABIPBL), with which it was being merged.
Vodafone m-pesa was one of the 11 firms that was given payments bank licence by the RBI in 2015.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.