The Reserve Bank of India (RBI) today asked the US-based money transfer firm Zoha Inc to immediately wind up its operations in India.
"The RBI has asked Zoha Inc, USA to wind up their existing services for cross border money transfer to India with immediate effect," the RBI said in a statement.
The central bank, which has refused to grant authorisation to Zoha Inc, said the firm should not operate payment system for cross-border in-bound money transfer services in India.
The RBI, however, did not give any reason for refusing authorisation to the money transfer firm.
The central bank has refused authorisation application of Zoha Inc, exercising the powers conferred on the Reserve Bank under sub-section 3 of Section 7 of the Payment and Settlement Systems Act, 2007, the statement added.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app