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A cooling period may follow when a CoA is revoked, surrendered, or an application is:
ARefused
BApproved
CDelayed
DAmended
Answer & Solution
Correct answer: A. Refused
1. The cooling period covers several situations.
2. One is RBI turning down an application.
3. So a refused application triggers it.
_Source: RBI Master Directions on Authorisation to operate a Payment System._
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