January 21, 2020

RBI Cancels Vodafone M-Pesa's Certificate Of Authorization

[ By Bobby Anthony ]


The Reserve Bank of India has canceled the Certificate of Authorization (CoA) of Vodafone’s m-pesa payments service after its “voluntary surrender of authorization”.

Consequently, the company henceforth cannot transact business of issuance and operation of pre-paid payment Instruments, the RBI stated.

“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 Authorization (CoA) of the below mentioned Payment System Operator (PSO) on account of voluntary surrender of authorization,” the RBI stated.

However, the RBI has also stated that m-pesa customers or merchants having a valid claim on the company as a Payment System Operator (PSO) can approach the company until September 30, 2022, for settlement of their claims within three years from the date of cancelation.

Related Post

latest News

  • Hindu Outfit Tells SC: CAA Is Essential For Pak Minorities

    Balochistan Hindu Panchayat, an organization working for the protection of Hindus who fled Pakistan due to religious persecution has defended the Citi...

    Read More
  • Dividend Distribution Tax To Be Abolished, Says FM

    Union Finance Minister Nirmala Sitharaman has proposed to abolish the deeply unpopular dividend distribution tax (DDT) in her union budget speech.

    Read More
  • Huawei Offers To Sign A ‘No Back Door’ Treaty With The Indian Government To Assuage Potential Security Concerns

    Chinese telecom major Huawei Technologies Company Ltd has officially announced that it is willing to sign a “no back door" pact with its customers a...

    Read More