RBI cautions public against Prepaid Payment Instruments (non-closed) issued by sRide through its car-pooling appÂ
RBI in its latest advisory has cautioned public of the risk in dealing with sRide car-pooling app.Â
RBI cautions public against sRide app
The RBI has observed that sRide Tech Private Limited, a company having its registered office at 1201, Tower-7, Close North, Nirvana Sector-50, Gurgaon, Haryana, is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its car-pooling app (application) ‘sRide’ without obtaining the required authorisation from RBI under the provisions of the Payment and Settlement Systems Act, 2007.
According to RBI, any person dealing with sRide Tech Private Limited, will be doing so at their own risk.
RBI has urged the public 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.
The list of authorized payment system providers/ authorized payment system operators are displayed on RBI website at https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043
ABCAUS Note: Presently the sRide is a offering carpooling in Mumbai, Pune, Kolkatta, Hyderabad, Delhi, CHennai and Bangalore.
Â
- No separate compensation for loss of love and affection under MV Act – SC
- Trust accredited by National Open School eligible for registration u/s 12AB & u/s 80G
- Delay in furnishing Form 10B – Covid Period to be excluded as per decision of Supreme Court
- Section 271AAB does not grant any immunity from penalty in terms of section 273B
- Engagement of ‘Young Professional’ in the office of the PCCT Bihar & Jharkhand
