RBI cautious public against using car pooling app sRide

Mumbai: Reserve Bank of India has alerted citizens that a car-pooling application by the name ‘sRide’ is being run without the required permissions. 

In a press release, the RBI said, the Gurgaon-based sRide Tech Private Limited is operating a semi-closed wallet without obtaining the requisite authorisation 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. Cautioning people using such apps, the RBI has urged citizens to verify the list of authorized payment system providers from the RBI’s website before parting with their money.