The Reserve Bank of India (RBI) has taken major action against Talkcharge, a company issuing prepaid payment products (PPI) without its permission. Talkcharge Technologies Private Limited has been asked to return the money lying in the wallets of the customers.
The Reserve Bank of India (RBI) has taken major action against Talkcharge, a company issuing prepaid payment products (PPI) without its permission. Talkcharge Technologies Private Limited has been asked to return the money lying in the wallets of the customers. In a recent statement, the Reserve Bank also cautioned people to exercise extreme caution while using websites/applications and giving their money to any such unauthorized entity.
The Reserve Bank said that before giving money anywhere, people should ensure whether the website or application or entity is allowed to do what it is doing. The Reserve Bank had come to know that Gurugram-based company Talkcharge Technologies was issuing PPIs through its website and ‘Talkcharge’ app without obtaining necessary approval under the provisions of the Payment and Settlement Systems Act, 2007.
Allegations of scam
The Reserve Bank of India has not taken action against this app just like that. Complaints are being made against this app from social media to Google Play Store. People are alleging that the company is running a big scam through this app. The rating of this app on Google Play Store is only 1.6, which shows that almost everyone is facing problems with this app.
Money kept in wallet will have to be returned within 15 days
In an order issued on April 2, the central bank had asked the company to stop issuing prepaid payment products or wallets and stop operations as well as return the amount kept in the wallet within 15 days. But on the request of the company, the deadline for refund of the amount has been extended to May 17, 2024. Along with this, the Reserve Bank, while clarifying the situation on the cashback received from the company by the customers, said that it has instructed Talkcharge Technologies to return only the prepaid amount lying in the wallet.
