--- title: "RBI says public to be cautious against Prepaid payment instruments issued by unauthorized entities" description: "Reserve Bank of India has warned the public while using the payment gateway because there are many different unauthorized entities are available in th" author: "Sanjay Goenka" published: 2022-02-23 canonical: https://www.mindstick.com/news/1444/rbi-says-public-to-be-cautious-against-prepaid-payment-instruments-issued-by-unauthorized-entities category: "technology" tags: ["technology", "internet", "technology news", "payment gateway integration service"] reading_time: 2 minutes --- # RBI says public to be cautious against Prepaid payment instruments issued by unauthorized entities Reserve Bank of India said the public should be more cautious against using the prepaid payments instruments issued by unauthorized entities. RBI also revealed the name of such payment side [Tech](https://www.mindstick.com/services/technologies) [Private Limited](https://answers.mindstick.com/qa/98829/how-mindstick-software-private-limited-is-helping-us-all) which is operating a semi-closed prepaid instrument through its sRide app without having a required authorization. RBI narrated the people to use such [applications](https://www.mindstick.com/articles/12847/how-to-choose-the-right-ethernet-cable-for-industrial-applications) very cautiously. #### Highlights ``` Agency said the people dealing with the sRide app will be at their own risk.  The numbers of authorized payment system providers list are also displayed. Public, after checking everything should be verified and satisfied themselves. ``` **Also Read – ['Online Card Transaction' Through 'Tokenisation' New RBI Rules From july 1, 2022](https://www.mindstick.com/news/1118/online-card-transaction-through-tokenisation-new-rbi-rules-from-july-1-2022)** A Gurugram, Delhi-based registered **sRide Tech Private limited** is used to operate prepaid instruments through its car pooling app sRide without having any regulatory permission, this makes people very stunned and it also aware people to use only authorized payment instruments. [Central Bank](https://answers.mindstick.com/qa/62202/who-was-nominated-to-become-the-first-woman-to-lead-the-ecb-european-central-bank) also said [if any person](https://answers.mindstick.com/qa/49570/if-any-person-is-dissatisfied-with-your-behavior-what-can-be-done-to-make-it-better) is dealing with such an institution will be at their own risk. Related regulatory body **[Reserve Bank of India](https://www.mindstick.com/news/1118/online-card-transaction-through-tokenisation-new-rbi-rules-from-july-1-2022)** said that sRide is an unauthorized wallet and further cleared the sRide Tech Private Limited is operating a pre-paid instrument is using its instrument without any permissible authority from RBI under the provision of the **[Payments and Settlements System Act, 2007.](https://en.wikipedia.org/wiki/Payment_and_settlement_systems_in_India)** RBI said the people to be more cautious against such payment instruments while dealing with money with such unauthorized entities. It said “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 authorized to carry out the activity it performs or assures to perform,” RBI stated to the Public. It also released the list of the authorized payments instrument providers on its website, saying the public should check the integrity of the instrument which they are using while [making payments](https://answers.mindstick.com/qa/33982/which-bank-is-entrusted-with-the-task-of-receiving-all-money-on-behalf-of-the-government-as-also-with-the-task-of-making-payments-on-their-behalf). RBI is a Government of India Agency that deals with the Banking and Payment Sector with its best service **Also Read - [Activision Company Harassment case is facing a comprehensive inquiry](https://www.mindstick.com/news/1433/activision-company-harassment-case-is-facing-a-comprehensive-inquiry)** --- Original Source: https://www.mindstick.com/news/1444/rbi-says-public-to-be-cautious-against-prepaid-payment-instruments-issued-by-unauthorized-entities Copyright © MindStick Software Pvt. Ltd. This Markdown version is provided for developers, AI systems, and offline reading.