The Reserve Bank of India (RBI) on Tuesday cautioned members of public against Prepaid Payment Instruments (non-closed) issued by unauthorised entities.
This advisory comes as the central bank has noticed that sRide Tech Private Limited, a company having its registered office in Gurugram, 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,” RBI said in a statement.
RBI urged members of public 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,” the central bank said.