RBI Cautions Against Car Pooling App sRide
Moneylife Digital Team 22 February 2022
The Reserve Bank of India (RBI) has cautioned people against the car pooling app called sRide, citing that the firm was operating a semi-closed (non-closed) pre-paid instrument (wallet) without required authorisation 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, as it cautioned the public against using applications issued by unauthorised entities.
 
The central bank cautioned that persons dealing with the Gurugram-registered sRide Tech Private Ltd will be doing so at 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 unauthorised entity," added the central bank," the banking regulator said.
 
In their own interest, members of the public should verify themselves that the application used or the entity they are dealing with is authorised to carry out the activity it assures to perform, it added. 
 
The list of authorised payment system providers and authorised payment system operators are displayed on the RBI website.
 
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