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Reserve Bank of India cancels Vodafone’s phone banking certificate

Reserve Bank

Mumbai: The Reserve Bank of India on Tuesday canceled the Certificate of Authorisation (CoA) of Vodafone m-pesa after its voluntary surrender of authorization.

The company henceforth cannot transact the business of issuance and operation of Prepaid Payment Instruments, RBI said.

The central bank, however, said that the customers or merchants having a valid claim on the company as a PSO can approach the company till September 30, 2022, for settlement of their claims within three years from the date of cancellation.

“The RBI, in the exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has canceled the CoA of the below mentioned Payment System Operator (PSO) on account of voluntary surrender of authorization,” RBI said. (IANS)

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