RBI cancels CoA of Muthoot Vehicle & Asset Finance and Eko India Financial Services

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Due to the cancellation of their CoAs, these companies cannot transact the business of issuance and operation of Prepaid Payment Instruments. “Customers or merchants having a valid claim, if any, on these companies as PSOs, can approach them for settlement of their claims within three years from the date of cancellation,” the press release states.

The CoAs of both these PSOs were cancelled by the apex bank on account of non-compliance with the regulatory requirements.

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