HIGHLIGHTS
- People that deal with sRide do so at their own peril.
- The authorised payment system providers' list is provided.
- Members of the public should double-check and satisfy themselves.
The Reserve Bank of India stated on Tuesday that Gurugram-registered sRide Tech Private Limited is running a pre-paid instrument (wallet) through its car-pooling app sRide without getting the necessary licences, warning the public against using apps released by illegal organisations.
As a result, anyone engaging with sRide Tech Private Limited does so at their own risk, according to the central bank in a statement.
According to the RBI, sRide Tech Private Limited is running a semi-closed (non-closed) pre-paid instrument (wallet) through its car-pooling app sRide without getting the appropriate authorization from the RBI under the Payment and Settlement Systems Act, 2007.
The RBI recommended individuals to use extreme caution when using such applications, engaging with such illegal entities, and before parting with their money.
"In their own interests, members of the public should verify and satisfy themselves that the application utilised or the business with which they are interacting is authorised to carry out the activity it conducts or promises to undertake," it stated.
The RBI website has a list of authorised payment system suppliers and authorised payment system operators.
