BENGALURU: Electric cab aggregatorBluSmart has pushed the timeline for refunding wallet balances to users to 90 days, up from six days earlier this week, amid a pause in ride bookings across cities where it operates.
Several users have taken to social media to express concerns over the lack of clarity over the refund.
As of Thursday, bookings remained unavailable on the BluSmart app in Delhi-NCR. Customers with balances in their BluSmart wallets have been advised to wait for up to three months for refunds if services do not resume. In an email sent to customers, the company said, “We’ve decided to temporarily close bookings on the BluSmart app. We truly appreciate your support. While we strive to be back soon to serve you with same warmth and smile, we will initiate a refund within next 90 days if services do not resume before then.”
BluSmart, which operates primarily in Delhi-NCR and Bengaluru, allows users to top up their app wallets to pay for electric cab rides.
The development comes against the backdrop of an ongoing probe by the Sebi into Gensol Engineering, a company linked to BluSmart’s promoters Anmol Singh Jaggi and Puneet Singh Jaggi. Sebi has barred the Jaggi brothers from board roles and securities market access, alleging they diverted loans, intended for vehicle financing, to unrelated real estate deals.
Legal experts TOI spoke to said the absence of a regulatory oversight over closed-loop wallets such as BluSmart’s raises serious legal implications that directly affect customer rights, refund accountability and recourse mechanisms. “Closed loop wallets are exempt under the RBI’s Master Directions on Prepaid Payment Instruments, which means they are neither licensed nor supervised by the central bank.
The legal vacuum that follows renders the consumer’s ability to reclaim funds precarious, with no statutory mandate on fund segregation, refund timelines, or dispute resolution,” Sonam Chandwani, managing partner, KS Legal & Associates, said. BluSmart did not respond to TOI’s request for comment.
