RBI Cautions Against Prepaid Payment Instruments Issued by Unauthorised Entities

The RBI on Tuesday said Gurugram-registered sRide Tech Private Limited is operating a pre-paid instrument (wallet) through its car-pooling app sRide without obtaining the required permissions, as it cautioned the public against using applications issued by unauthorised entities.

As such, any person dealing with sRide Tech Private Limited, will be doing so at their own risk, the central bank said in a statement.

RBI said sRide Tech Private Limited is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its car-pooling app sRide without obtaining the required authorisation from RBI under the provisions of the Payment and Settlement Systems Act, 2007.

The RBI urged people 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,” it said.

The list of authorised payment system providers and authorised payment system operators are displayed on the RBI website.