Mumbai, Jan 4 (PTI) 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 issuance and operation of prepaid payment instruments.

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

However, 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.

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The CoA was cancelled on December 31, 2021, RBI said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)