Reserve Bank of India cautioned the public on the dangers of transacting with Prepaid Payment Instruments offered by unauthorized organizations.
The RBI warns, while being categorical, that it be cautioned to act carefully while interacting with websites or apps and not make commitments of funds with unauthorized entities. It is important for consumers to confirm that any platforms or companies they interact with are officially sanctioned to perform the services they offer.
A comprehensive list of all licensed payment system providers and operators is accessible on the RBI's official website at this link: https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043.
Furthermore, the RBI has specifically issued a warning regarding TalkCharge Technologies Pvt. Ltd., a firm based on Sohna Road, Sector 48, Gurgaon, Haryana. This company has been distributing Prepaid Payment Instruments via its website and application without the necessary authorization from the RBI.
It has also been brought to the notice of RBI that TalkCharge Technologies has given legal notices to its customers demanding them to return any cashback received by, with further threats of escalation of the issue to the RBI if not complied with.
This gave the customers the wrong impression that the RBI was involved in the demand for cashback repayments. However, the RBI has clarified that its directives to the company were solely about refunding the remaining amounts in customer wallets.c
The RBI initially ordered the company on April 2, 2024, to cease the issuance and operations of its Wallets and refund any existing wallet balances within 15 days. This deadline was subsequently extended to 45 days, or until May 17, at the request of the entity.
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