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.

(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)