The Reserve bank of India (RBI) cautioned public against carpooling app sRide.

Why RBI caution against sRide App?

  • RBI caution against sRide App, stating that this firm was operating a semi-closed pre-paid instrument, without receiving authorization from the central bank, under Payment and Settlement Systems Act, 2007.
  • sRide Tech Private Limited is a registered company, with registered office in Gurgaon, Haryana. This company is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its ‘sRide’ carpooling app.
  • Thus, RBI cautioned that persons dealing with the app will be doing at their own risk.

sRide App
sRide app is a carpooling mobile application, that connects people within the community to share rides. The app help users in sharing the cost of travel, increase mobility, reduce travel time, and build communities. The app also helps in using existing infrastructure, reducing parking needs, traffic and emissions for cities and organisations.

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