The RBI informed on Tuesday that it has canceled the license of Vodafone m-Pesa.
The Reserve Bank of India has canceled the license of Vodafone m-Pesa. After this action by RBI, Vodafone m-Paisa can no longer continue this business. m-Pesa will no longer have the rights to provide payment facility as a prepaid instrument. The RBI gave information about this on Tuesday.
Claim settlement will be able to be done within 3 years
However, customers and merchants of m-Paisa can claim valid under POS. They will have the right to claim their claim settlement from the company within 3 years of canceling the license. Vodafone has said on this matter that he himself had requested the RBI to stop this service.