RBI alerts public about Gurugram-based unauthorised wallet operator sRide

sRide is a carpooling mobile app that connects people within the community to share rides. It is present across four Indian cities with over one million rides offered and 8 cities in the US

The Reserve Bank of India (RBI) has cautioned the general public that sRide, a company based out Gurugram, Haryana, is operating a semi-closed pre-paid instrument (wallet), without any authorisation from the central bank. Hence, they should exercise extreme caution while using any such application.

In a statement the RBI said, “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.”

“In their own interest, members of the 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 RBI further said.

sRide is a carpooling mobile application, which connects people within the community to share rides. sRide is present across four cities in India with over one million rides offered and 8 cities in the United States of America, according to the company’s website.

There are 68 authorised payment system operators under the Payments and Settlements Act, 2007.