On Tuesday, the Reserve Bank of India (RBI) said it has cancelled the Certificate of Authorisation (CoA) of Vodafone m-pesa on account of voluntary surrender of authorisation.
The company can no longer transact in the business of issuance and operation of prepaid payment instruments on account of cancellation of CoA, the central bank said.
However, customers and companies with valid claims on the company as a PSO can approach the company for the settlement of their claims within three years from the date of cancellation, that is, by 30 September 2022.
Vodafone m-pesa voluntarily surrendered the authorisation to operate as a Payment System Operator (PSO).
Last year, Vodafone Idea had decided to close the "m-pesa" vertical following the closure of Aditya Birla Idea Payments Bank Ltd (ABIPBL), with which it was being merged.
Vodafone m-pesa was one of the 11 firms that was given payments bank licence by the RBI in 2015.