RBI canceled rights certificates of 2 payment system operators, action for non-compliance

On the other hand, on Tuesday itself, the RBI notified a plan to promote the participation of retail investors in government securities.

2 Payment System Operator’s Certificate of Rights canceled

The Reserve Bank of India (RBI) has today canceled the authorization certificates of 2 payment system operators. The Reserve Bank has taken this step due to non-compliance of regulatory requirements by both the operators. since the verdict
Operators will not be able to issue prepaid cards

What is the decision of the Reserve Bank

The Reserve Bank has today canceled the certificate of authority of Muthoot Vehicle & Asset Finance Limited and Acko India Financial Services Private Limited for non-compliance with regulatory requirements. Both the Payment System Operators (PSOs) were empowered to issue and operate prepaid payment products (cards). RBI said, “After the cancellation of the Certificate of Rights, these companies cannot carry on the business of issuing and operating prepaid payment products”. You can contact them for settlement of your claims within three years from the date of occurrence.

Scheme to increase participation of retail investors in government securities notified

At the same time, the Reserve Bank of India (RBI) today notified a scheme to promote the participation of retail investors in government securities. With this, individual investors will be able to buy and sell government securities under the RBI Retail Direct Scheme. Prime Minister Narendra Modi launched the RBI Retail Direct Scheme on November 12, 2021. Its objective was to facilitate investment in government securities for retail investors. In this context, a mechanism to promote the market has been notified for making available liquidity in the secondary market. In this, the Primary Dealers will be available on the NDS-OM platform during business hours and will respond to the buy/sell orders received from the Retail Direct Government Securities Account Holder (RDGAH). The NDS-OM (Negotiated Dealing System-Order Matching) platform is a screen based nameless electronic order matching system for secondary market trading in government securities owned by RBI, as per the scheme to promote the market, under the Primary Dealer Retail Direct Scheme. Based on Know Your Customer (KYC) basis, RDG will verify the account holder. The central bank said, “No further KYC verification of transactions will be required for RDG account holders in the RFQ (Request for Quote) section of the NDS-OM platform.” On Screen Negotiation system

Read also: If these banks of the country sink, the economy will be destroyed, the Reserve Bank has released the complete list

Read also: A sharp drop in the price of gold and silver today, how much gold became cheaper

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