RBI cautions public 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 unauthorized 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 authorization 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 unauthorized entity.

''In their own interest, members of the public should verify and satisfy themselves that the application used or the entity they are dealing with is authorized to carry out the activity it performs or assures to perform,'' it said.

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