The Reserve Bank of India said on Tuesday that Gurugram-based sRide Tech Private Limited’ is operating a pre-paid instrument (wallet) through its car-pooling app’sRide’ without the necessary permissions, warning the public against using applications issued by unauthorized entities. As a result, the central bank stated that anyone dealing with sRide Tech Private Limited is doing so at their own risk.
RBI stated that sRide Tech Private Limited is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its car-pooling application’sRide’ without obtaining the necessary authorization from RBI under the Payment and Settlement Systems Act, 2007.
RBI cautioned people
The RBI urged people to exercise extreme caution when using such application/s, transacting with, and before disclosing their financial information to any such unauthorized entity.
“In their own interests, members of the public should verify and satisfy themselves that the application they are using or the entity with which they are dealing is authorized to perform or guarantee to perform the activity,” it stated. The Reserve Bank India website contains a list of authorized payment system providers and authorized payment system operators.
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