RBI cautions public against prepaid payment instruments issued by unauthorised entities
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- Last Updated on 23 February, 2022
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Press Release: 2021-2022/1750, Dated 22-02-2022
RBI noticed that ‘sRide Tech Private Limited’ is operating a semi-closed pre-paid instrument (wallet) through its car-pooling app ‘sRide’ without obtaining authorisation from RBI under the Payment and Settlement Systems Act, 2007. RBI cautioned that as such, any person dealing with sRide Tech Pvt Ltd., will be doing so at their own risk. RBI urged the public to exercise utmost caution while using such application/s, dealing with and before parting with their money to any such unauthorised entity.
RBI further directed that members of the public, in their own interest, 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. The list of authorized payment system providers/ authorized payment system operators are displayed on RBI website at https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043
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