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28
Aug 2018
 |
Tech Mahindra(The
Total Investment & Insurance Solutions)
The Reserve Bank today
cancelled the licence of Tech Mahindra NSE -0.25 % Limited to issue pre-paid
cards following the voluntary surrender of authorisation by the Noida-based
company. The Total
Investment & Insurance Solutions
The certificate of authorisation (COA) was issued in November 2013, the Reserve Bank said in a statement. The Total Investment & Insurance Solutions
"The RBI, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the COA of (Tech Mahindra Limited, Noida) Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company," it said.
Following the cancellation of the COA, the company cannot transact the business of pre-paid card issuance. The Total Investment & Insurance Solutions
The certificate of authorisation (COA) was issued in November 2013, the Reserve Bank said in a statement. The Total Investment & Insurance Solutions
"The RBI, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the COA of (Tech Mahindra Limited, Noida) Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company," it said.
Following the cancellation of the COA, the company cannot transact the business of pre-paid card issuance. The Total Investment & Insurance Solutions
However, customers or
merchants having a valid claim, if any, on Tech Mahindra, Noida as a PSO, can
approach the company for settlement of their respective claims within two years
from the date of this cancellation (upto August 27, 2020). The Total Investment & Insurance
Solutions
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