The Reserve Bank of India (RBI) issued an advisory regarding TalkCharge Technologies Pvt Ltd, located at Unit 323, JMD Megapolis, 3rd Floor, Sohna Road Sector 48 Gurgaon Haryana-122018, who have been selling Prepaid Payment Instruments through their ‘TalkCharge’ website and mobile application without being granted proper authorisation from RBI as required under Payment and Settlement Systems Act 2007.
As a response, the RBI issued an official notice on April 2, 2024 directing the company to cease issuing and operating Prepaid Payment Instruments or Wallets and return customer funds within 15 days; upon the request of the company this deadline was extended until May 17, 2024 and compliance became finalized on that date.
The Reserve Bank has recently noted that TalkCharge Technologies Pvt Ltd issued an instruction to their customers forcing them to reimburse any cashback amounts, with warnings against noncompliance being reported directly back. Customers mistakingly believed this demand came directly from them but in reality the RBI instructed TalkCharge Technologies Pvt Ltd only to return any prepaid funds left in customer wallets.
The Reserve Bank has advised members of the general public to remain wary when transacting online services or entities that might not have official sanction. Before engaging with any entity online, it’s vitally important to verify their legitimacy and confirm whether they possess all required authorization to operate legally and safely. Users should refer back to this resource to validate who they’re dealing with before engaging them online. The official RBI website contains an up-to-date list of authorized payment systems and operators – using it can help users check if credentials of those they transacting are in fact legitimate before engaging.
RBI Press Release dated 25/04/2024: Public cautioned against Prepaid Payment Instruments issued by unauthorised entities (TalkCharge)