The Reserve Bank of India, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA) of the following Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company.

Following the cancellation of the COA, the above company cannot transact the business of prepaid card issuance. However, customers or merchants having a valid claim, if any, on MMP Mobi Wallet Payment Systems Ltd. as a PSO, can approach the company for settlement of their respective claims within two years from the date of this cancellation i.e. upto 13.11.2020.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/1137