According to the warning issued by RBI, the car pooling application has been operating without proper authorization from the bank.
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.”
The bank further urged members to exercise utmost caution while using such application/s, dealing with and before parting with their money to any such unauthorised entity.
RBI said, “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.”
This comes as the popularity of carpooling and ride-sharing applications in India is through the roof. Carpooling applications usually connect you to riders who are going to a nearby or the same location, offering an environment-friendly and cost-efficient way of travelling.
(With ANI inputs)
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 "RBI cautions public against using car pooling app sRide – Know reason HERE")
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