MANU/RPRL/0259/2016

Ministry : Reserve Bank of India

Department/Board : RBI

Press Release No. : 2016-2017/983

Date : 20.10.2016

Expiry of Certificate of Authorization (CoA)

Under the Payment and Settlement Systems Act, 2007, The Reserve Bank of India had issued Certificate of Authorization (CoA) to M/s Done Card Utility Ltd and M/s OSS Payment Solutions Pvt. Ltd to operate semi-closed pre-paid payment instruments services. The CoA were valid till October 31, 2013 and December 31, 2013 respectively. On expiry of the COA, these entities can no longer transact the business of semi-closed pre-paid payment instruments services in India under the Payment and Settlement Systems Act, 2007 and contravention, if any, would attract penal action under the said Act.

This Press release is issued for the information of General Public.

Ajit Prasad
Assistant Adviser