" "

RBI directs Talkcharge to stop issuing wallets, refund balances

ISN Team
New Update

The Reserve Bank of India (RBI) recently took action against Gurugram-based TalkCharge Technologies for issuing Prepaid Payment Instruments (PPIs) without proper authorization.

The central bank highlighted that TalkCharge was operating its wallet services via its website and app without adhering to the regulations outlined in the Payment and Settlement Systems Act, 2007. The unauthorized activity prompted the RBI to step in to safeguard consumer interests.

What specific actions did RBI take?

On April 2, 2024, the RBI issued an initial directive to TalkCharge, ordering the company to cease issuing and operating its PPIs.


The directive included an instruction to refund all balances held in customer wallets within a 15-day period, which was subsequently extended to 45 days, expiring on May 17, 2024. The extension was granted at the request of TalkCharge to provide them adequate time to comply with the order.

What about the cashback controversy?

TalkCharge issued a legal notice to its customers demanding the return of cashback amounts previously credited to their wallets. The company threatened that failure to comply would result in reporting the matter to the RBI.

However, the RBI clarified that its directives did not include any such demand for cashback repayment, indicating that TalkCharge might have misrepresented the central bank’s instructions to its customers.

RBI has urged the public to exercise extreme caution when dealing with digital financial platforms.