RBI cautions public in opposition to pay as you go cost devices issued by unauthorised entities

The RBI on Tuesday mentioned Gurugram-registered ‘sRide Tech Private Limited’ is working a pre-paid instrument (pockets) by means of its car-pooling app ‘sRide’ with out acquiring the required permissions, because it cautioned the general public in opposition to utilizing purposes issued by unauthorised entities.

As such, any individual coping with sRide Tech Private Limited, can be doing so at their very own threat, the central financial institution mentioned in a press release.

RBI mentioned sRide Tech Private Limited is working a semi-closed (non-closed) pre-paid instrument (pockets) by means of its car-pooling app ‘sRide’ with out acquiring the required authorisation from RBI beneath the provisions of the Payment and Settlement Systems Act, 2007.

The RBI urged folks to train utmost warning whereas utilizing such software/s, coping with and earlier than parting with their cash 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 mentioned.

The checklist of authorised cost system suppliers and authorised cost system operators are displayed on the RBI web site.