RBI cautions public against prepaid payment instruments (non-closed) issued by unauthorised entities- (Reserve Bank of India) (22 Feb 2022)

MANU/RPRL/0086/2022

Banking

It has come to the notice of Reserve Bank of India (RBI) that sRide Tech Private Limited, a company having its registered office at 1201, Tower-7, Close North, Nirvana Sector-50, Gurgaon, Haryana, is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its car-pooling app (application) 'sRide' without obtaining the required authorisation from RBI under the provisions of the Payment and Settlement Systems Act, 2007. As such, any person dealing with sRide Tech Private Limited, will be doing so at their own risk.

Members of public are urged to exercise utmost caution while using such application/s, dealing with and before parting with their money to any such unauthorised entity. In their own interest, members of public should verify and satisfy themselves that the application used or the entity they are dealing with is authorised to carry out the activity it performs or assures to perform.

Tags : PREPAID PAYMENT INSTRUMENTS UN-AUTHORISED ENTITIES CAUTION