RBI cautions public against Prepaid Payment Instruments issued by unauthorized entities

Reserve Bank has cautioned against entities that issue legal notice to its customers demanding the return of Cashback, failing which the matter will be reported to the RBI. It is clarified that the RBI has only directed the entities to refund the prepaid amount lying in the wallets, to the customers.

Members of public are urged to exercise utmost caution while using websites / application/s, and parting with their money to any such unauthorized entity. Members of public should verify and satisfy themselves that the website / application used or the entity they are dealing with is authorized to carry out the activity it performs. The list of authorized payment system providers/authorized payment system operators are displayed on RBI website at https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043.

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