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Date : Nov 13, 2020
Cancellation of Certificate 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 Operators (PSOs):

Sr. No. Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Reason for Cancellation
1. Pyro Networks Private Limited Pyro Telecommunications Ltd., 8-2-293/82, Plot No. 264/A-31, Road # 92, Jubilee Hills, Hyderabad – 500  033, Andhra Pradesh 65/2014 dated 30.01.2014 Issuance and Operation of Prepaid Payment Instruments 30.03.2019 Voluntary Surrender
2. Card Pro Solutions Private Limited 135, A to Z Industrial Estate, G K Marg, Lower Parel, Mumbai – 400 013 84/2015 dated 04.06.2015 Issuance and Operation of Prepaid Payment Instruments 10.02.2020 Non-compliance with regulatory requirements
3. Aircel Smart Money Limited 2nd and 5th Floors, Building No 10A, DLF Cybercity, DLF Phase 2, Gurugram, Haryana 83/2015 dated 04.06.2015 Issuance and Operation of Prepaid Payment Instruments 30.06.2020 Non-renewal
4. InCashMe Mobile Wallet Services Private Limited InCashMe, TM House, 5/B Suhasnagar Society, Behind Income Tax Department, Ashram Road, Ahmedabad – 380 009, Gujarat 127/2018 dated 06.04.2018 Issuance and Operation of Prepaid Payment Instruments 30.06.2020 Non-compliance with regulatory requirements
5. Delhi Integrated Multi-Modal Transit System Limited 1st Floor, Maharana Pratap ISBT Building, Kashmere Gate, Delhi – 110 006 87/2015 dated 27.08.2015 Issuance and Operation of Prepaid Payment Instruments 10.07.2020 Voluntary surrender

Following the cancellation of the CoA, these companies cannot transact the business of issuance and operation of Prepaid Payment Instruments. However, 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.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/635


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