RBI revokes CoA of RiddiSiddhi Bullions, AGS Transact
[ad_1]
Read More/Less
The Reserve Bank of India (RBI) has revoked the Certificate of Authorisation (CoA) of Payment System Operators (PSOs) RiddiSiddhi Bullions Ltd and AGS Transact Technologies Ltd for setting up, owning and operating White Label ATMs (WLAs).
The central bank, in a statement, said it has revoked the CoA of the aforementioned PSOs in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007.
The RBI cited non-compliance with regulatory requirements as the reason for revocation of the CoA. ATMs set up, owned and operated by non-banks are called WLAs.
As of December-end 2020, RiddiSiddhi Bullions and AGS Transact Technologies had 533 and 129 ATMs, respectively, according to RBI data.
[ad_2]