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The Reserve Bank of India (RBI) has issued a red alert against unauthorized Prepaid Payment Instruments (PPIs) issued by certain entities, cautioning the public to exercise vigilance when dealing with such platforms. The alert specifically mentions TalkCharge Technologies Pvt. Ltd., located in Gurgaon, Haryana, for issuing PPIs without the necessary authorization from RBI.
In a statement released on Thursday, the RBI urged the public to be extremely cautious while using websites or applications and advised against transacting with unapproved entities. The central bank emphasized the importance of verifying the legitimacy of the platform or entity before conducting any financial transactions.
The list of authorized payment system providers and operators is available on the RBI’s official website, providing a reference for users to ensure they are engaging with legitimate and authorized entities.
The cautionary alert comes as the RBI discovered that TalkCharge Technologies Pvt. Ltd. had issued a legal notice to its customers, demanding the return of Cashback and implying that such action was in compliance with RBI directives. However, the RBI clarified that it had instructed the entity to refund prepaid amounts held in wallets to customers, not demand repayment of Cashback.
Following the RBI’s directives issued on April 2, 2024, TalkCharge Technologies Pvt. Ltd. was ordered to cease issuing and operating its PPIs and to refund the balances in the wallets within 15 days. This deadline was later extended to May 17 at the entity’s request.
The RBI’s alert serves as a reminder for consumers to exercise caution and conduct due diligence when engaging with digital payment platforms, ensuring they are dealing with authorized and regulated entities to protect their financial interests.
Sources By Agencies
