RBI cautions against car pooling app sRide

MUMBAI :

The Reserve bank of India on Wednesday cautioned public against car pooling app sRide, citing that the firm was operating a semi-closed pre-paid instrument without authorization from the central bank.

“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,” RBI said.

The regulator cautioned that persons dealing with sRide Tech will be doing aat their own risk.

“Members of public are urged to exercise utmost caution while using such application/s, dealing with and before parting with their money to any such…

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