RBI Cautions Public Against Using Unauthorised Apps

The Reserve Bank of India (RBI) has recently issued a warning against a car polling mobile application called sRide. While warning the public, RBI said that the application has been working without proper authorization from the bank.

RBI issued a notification cautioning the public against sRide carpooling app, saying that the tech firm offers semi-closed (non-closed) pre-paid instrument (wallet) services without authorisation from the central bank.

In its official statement, RBI said, “It has come to the notice of Reserve Bank of India (RBI) 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. As such, any person dealing with sRide Tech Private Limited, will be doing so at their own risk.”