Mumbai (20/10/2022): 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.
