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RBI cancels Vodafone M-Pesa certificate

UNI

RBI cancels Vodafone M-Pesa certificate

India Blooms News Service | @indiablooms | 21 Jan 2020, 05:48 pm

Mumbai/UNI: The Reserve Bank of India (RBI) on Tuesday cancelled the certificate of Vodafone’s mobile phone-based banking service M-Pesa Limited due to voluntary surrender of authorisation.

“The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO) on account of voluntary surrender of authorisation.”

With the cancellation, M-Pesa Limited cannot transact the business of issuance and operation of prepaid payment instruments, the central bank said in a statement here.

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 or by September 30, 2022.  

RBI cancels Vodafone M-Pesa certificate

India Blooms News Service
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