RBI cancelled CoA of Muthoot Vehicle Finance, Eko India

• Reserve Bank of India  has cancelled the Certificate of Authorisation (CoA) of two Payment System Operators (PSOs): Muthoot Vehicle and Asset Finance Limited and Eko India Financial Services Private Limited, citing non-compliance with regulatory requirements under the Payment and Settlement Systems Act, 2007. 

• Both Muthoot Vehicle and Asset Finance Limited and Eko India Financial Services Private Limited had the certificate of authorisation issued by the RBI for issuance and operation of prepaid payment instruments.