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
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