CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Reserve Bank of India (RBI) has directed Talkcharge Technologies to cease the issue and operation of its Prepaid Payment Instruments (PPIs), or wallets. This directive follows the RBI's discovery that the firm was issuing wallets without necessary license. As a result, Talkcharge must reimburse the balances in these wallets to clients by May 17, 2024.
Regulatory Intervention
In a ruling dated April 2, 2024, the RBI asked the Gurugram-based firm to return users' prepaid sums stored in wallets. Furthermore, the RBI cited Talkcharge's issuing of legal warnings to users, requesting the return of cashback and threatening regulatory action if not complied with.
Clarification By RBI
The RBI stated that the regulation only refers to the repayment of prepaid amounts in users' wallets. It emphasized that Talkcharge's message to its clients about the repayment demand being made in accordance with RBI guidelines is misleading.
Cautionary Advisory
In view of this event, the RBI has advised the public to take vigilance when utilizing websites or applications, particularly when depositing monies with illegal entities. Customers are encouraged to check the authorized status of businesses before engaging in financial transactions.
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