The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): | Company’s Name | Registered Office Address | CoA No. & Date | Payment System Authorised | Date of Revocation | Reason for Revocation | | GI Technology Private Limited | No. C-9, 2nd Floor, Left Wing, Thiru Vika Industrial Estate, Guindy, Chennai - 600032 | 27/2009 dated October 29, 2009 | Issuance and Operation of Prepaid Payment Instruments | October 20, 2022 | Governance concerns and non-compliance with regulatory requirements | Following the revocation of the CoA, the company cannot transact the business of issuance and operation of Prepaid Payment Instruments. However, customers or merchants having a valid claim, if any, on the company as PSO, can approach the company for settlement of their claims. (Yogesh Dayal)
Chief General Manager Press Release: 2022-2023/1075 | |