The Reserve Bank of India vide its notification dated 22nd February 2022 has cautioned the public against Prepaid Payment Instruments (non-closed) issued by unauthorised entities, It has come to the notice of 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.
Therefore RBI has cautioned the public to take utmost caution while using such application/s, dealing with and before parting with their money to any such unauthorised entity.
Further the 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.RBI has displayed, the list of authorized payment system providers/ authorized payment system operators on its website.
