RBI asks citizens to beware of unauthorized entities issuing prepaid payment instruments

RBI News Update: Banking sector regulator Reserve Bank of India has warned against unauthorized entities issuing prepaid payment instruments. RBI said that it has come to its notice that Talkcharge Technology Private Limited, based in Gurugram, Haryana, whose registered office address is Unit No. 233, JMD Megapolis, Third Floor, Sohna Road, Sector 48, is using the name Talkcharge on its website and Issuing prepaid payment instrument through the app. RBI said that Talkcharge is issuing prepaid payment instruments without obtaining authorization under the Payment and Settlement Systems Act 2007.

RBI issued a press release saying that on April 2, 2004, the Central Bank has asked this entity to stop issuing prepaid payment instruments or wallets. Also, this entity named Talkcharge has been asked to return the balance kept in the wallet to the customers within 15 days and now this period has been extended by 45 days to May 17, 2024 after the request of Talkcharge. < /p>

RBI said that the company has issued a legal notice to its customers asking them to return the cashback and if this is not done, the matter is being reported to the RBI. RBI said that through this, an attempt is being made to impress upon the customers that the demand for repayment of cashback is being made on the instructions of RBI. RBI in its clarification said that it has asked Talkcharge Technologies to return only the prepaid amount which is lying in the customers' wallet.

RBI has asked the common citizens to be extremely careful while using the website or app and before depositing money in such unauthorized entities, they should verify it themselves and check its authenticity. RBI said that the list of Authorized Payment System Providers or Authorized Payment System Operators is available on the RBI website.

Also read

Dry Promotion: As the appraisal time approaches, the fear of 'dry promotion' is troubling the employees, what is this after all

Share on Facebook