The Reserve Bank of India on Tuesday cancelled the Certificate of Authorization (CoA) of Vodafone m-pesa after its voluntary surrender of authorization. The company henceforth cannot transact business of issuance and operation of Prepaid payment Instruments, RBI said.
The central bank, however, said that the customers or merchants having a valid claim on the company as a PSO, can approach the company till September 30, 2022, for settlement of their claims within three years from the date of cancellation.
“The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorization (CoA) of the below mentioned Payment System Operator (PSO) on account of voluntary surrender of authorization,” RBI said.
Meanwhile, Vodafone Idea woes continues as the telecom operator struggles keep subscribers on its network. The latest subscriber data by the Telecom Regulatory Authority of India (TRAI) recently revealed that Vodafone Idea has lost major chunk of its subscribers in the month of November 2019. The telco lost a record 36.4 million (3.6 crore) subscribers while Reliance Jio added 5.6 million mobile subscribers and became the largest telecom operator in India with almost 37 crore users.
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Vodafone Idea ended at 29.12 percent market share in November, 2019. The total subscriber base dropped to 336.25 million (almost 34 crore users). Excluding October, the telco only lost lost subscribers each month after the merger since September 2018. In October, 2019, the company had added 189,901 subscribers only.
Written with inputs from IANS