{"id":124512,"date":"2022-10-31T13:12:35","date_gmt":"2022-10-31T07:42:35","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=124512"},"modified":"2022-10-31T13:12:36","modified_gmt":"2022-10-31T07:42:36","slug":"rbi-revokes-authorisation-certificate-of-chennai-based-gi-technology","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/rbi-revokes-authorisation-certificate-of-chennai-based-gi-technology\/","title":{"rendered":"RBI Revokes Authorisation Certificate of Chennai-Based GI Technology"},"content":{"rendered":"\n<p><strong>RBI Revokes Authorisation Certificate of Chennai-Based GI Technology:<\/strong> Due to issues with the company&#8217;s governance, the Reserve Bank has revoked the certificate of authorization of Chennai-based GI Technology Private Limited. The company is in business of issuance and operation of prepaid payment instruments.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.gkseries.com\/blog\/category\/daily-quiz\/daily-quiz-october-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>October 2022 Current Affairs Quiz<\/strong><\/a><\/p>\n\n\n\n<p><strong>The Central Bank&#8217;s Statement:<\/strong><\/p>\n\n\n\n<p>Governance concerns and non-compliance with regulatory requirements\u201d are the reasons for revocation of&nbsp;Certificate of Authorisation (CoA), the central bank said in a statement. GI Technology cannot transact the business of issuing and operating prepaid payment instruments following the cancellation of the CoA, it said. Following the revocation of the CoA,&nbsp;GI Technology cannot transact the business of issuance and operation of prepaid payment instruments, it said. However, customers or merchants having a valid claim, if any, on the company as PSO, can approach the company for settlement of their claims, the Reserve Bank added.<\/p>\n\n\n\n<p><strong>A Persistence Phenomenon From The Past Few Years:<\/strong><\/p>\n\n\n\n<p>The Certificate of Authorization (CoA) of two Payment System Operators (PSOs), Muthoot Vehicle &amp; Asset Finance and Eko India Financial Services, has been revoked, the Reserve Bank of India (RBI) previously informed. Because of non-compliance with regulatory requirements, the authorization was revoked.<\/p>\n\n\n\n<p>Following the cancellation of the CoA,&nbsp;these companies cannot transact the business of issuance and operation of prepaid payment instruments. \u201cHowever, 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,\u201d the RBI said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RBI Revokes Authorisation Certificate of Chennai-Based GI Technology: Due to issues with the company&#8217;s governance, the Reserve Bank has revoked the certificate of authorization of Chennai-based GI Technology Private Limited. The company is in business of issuance and operation of prepaid payment instruments. October 2022 Current Affairs Quiz The Central Bank&#8217;s Statement: Governance concerns and [&hellip;]<\/p>\n","protected":false},"author":894,"featured_media":124513,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4970],"tags":[74],"offerexpiration":[],"class_list":["post-124512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-october-2022","tag-bank-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/124512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=124512"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/124512\/revisions"}],"predecessor-version":[{"id":124514,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/124512\/revisions\/124514"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/124513"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=124512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=124512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=124512"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=124512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}