RBI cancels CoA of Muthoot Vehicle, Asset Finance, and Eko India Financial Services for non-compliance with regulatory requirements

Reserve Bank of India (RBI) has cancelled the authorisation certificates of Muthoot Vehicle and Asset Finance Ltd and Eko India Financial Services Private Ltd for non-compliance with regulatory requirements. Both the Payment System Operators (PSOs) had authorisation for the issuance and operation of prepaid payment instruments.

The RBI said that following the cancellation of the Certificate of Authorisation (CoA), these companies cannot transact the business of issuance and operation of prepaid payment instruments.

However, it added that 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.