RBI cancels certificate of Beam Money Pvt Ltd, a Payment System Operator

Mumbai, May 5 (KNN) The Reserve Bank of India (RBI) has cancelled the Certificate of Authorisation (COA) of city based Beam Money Private Limited, a Payment System Operator.

RBI said, “…in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (COA)…on account of voluntary surrender of authorisation by the company.”

The company cannot transact the business of pre-paid card issuance.

“However, customers or merchants having a valid claim, if any, on M/s Beam Money Private Limited as a PSO, can approach the company for settlement of their respective claims within two years from the date of this cancellation i.e. upto 3.5.2019,” RBI assured.