Latest News | RBI Revokes Authorisation Certificate of Chennai-based GI Technology

Mumbai, Oct 20 (PTI) The Reserve Bank on Thrusday said it has revoked certificate of authorisation of Chennai-based GI Technology Private Limited over governance concerns in the company.

The company is in business of issuance and operation of prepaid payment instruments.

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"Governance concerns and non-compliance with regulatory requirements" are the reasons for revocation of Certificate of Authorisation (CoA), the central bank said in a statement.

Following the revocation of the CoA, GI Technology cannot transact the business of issuance and operation of prepaid payment instruments, it said.

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However, customers or merchants having a valid claim, if any, on the company as PSO, can approach the company for settlement of their claims, the Reserve Bank added.

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