RBI cancelled authorisation certificates of Muthoot Vehicle Finance, Eko India

Reserve Bank of India (RBI) has cancelled the Certificate of Authorisation (CoA) of two Payment System Operators (PSOs): Muthoot Vehicle and Asset Finance Limited and Eko India Financial Services Private Limited, citing non-compliance with regulatory requirements under the Payment and Settlement Systems Act, 2007. Both Muthoot Vehicle and Asset Finance Limited and Eko India Financial Services Private Limited had the certificate of authorisation issued by the RBI for issuance and operation of prepaid payment instruments.

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The RBI further mentioned in its press release that the COA cancellation came into force on December 31, 2021. But RBI clarified in its notice that the customers or merchants who have a valid claim 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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