RBI's reply on Talkcharge scam

Recently RBI published a press release against Talkcharge to stop there scam.

1. Issue Identified by RBI:

   • The Reserve Bank of India (RBI) noticed that TalkCharge Technologies Pvt. Ltd. was issuing Prepaid Payment Instruments (Wallets) without proper authorization.
   • The company’s registered office is at Unit No. 323, JMD Megapolis, 3rd Floor, Sohna Road, Sector 48, Gurgaon, Haryana-122018.
   • The issuance of wallets without RBI authorization violates the Payment and Settlement Systems Act, 2007.

2. RBI’s Action:

   • On April 2, 2024, the RBI issued directions to TalkCharge Technologies Pvt. Ltd.:
     • Stop issuing and operating its Prepaid Payment Instruments (Wallets).
     • Refund the balances held in the wallets within 45 days (extended from the initial 15 days).

3. Misleading Notice by the Entity:

   • TalkCharge Technologies Pvt. Ltd. sent a legal notice to its customers.
   • The notice demanded the return of Cashback.
   • The company falsely implied that this demand was based on RBI’s directions.
   • Clarification: The RBI only instructed the company to refund prepaid amounts to customers, not demand cashback repayment.

4. Public Caution:

   • Exercise utmost caution when using websites or applications.
   • Verify that the website or entity is authorized to carry out the activity it claims.
   • Refer to the list of authorized payment system providers on the RBI website: Authorized Payment System Providers.

Remember, it’s essential to be vigilant and verify the legitimacy of financial services to protect your money and personal information. 🛡️