RBI fines Ola Financial Services Rs 1.67 cr for not following directions

Ola Financial Services was found to be non-compliant with the directions issued by RBI on KYC requirements

The Reserve Bank of India (RBI) on Tuesday fined Ola Financial Services Rs 1.67 crore for not complying with its directions on prepaid payment instruments. The company is a unit of the ride-hailing platform.

Ola Financial Services was found to be non-compliant with the directions issued by RBI on Know Your Customer (KYC) requirements. Accordingly, the central bank issued a notice to the entity advising it to show cause as to why a penalty should not be imposed on it.

Following the company’s response to a notice, the central bank concluded that the charge of non-compliance with the directions issued by it was substantiated and it warranted a monetary penalty on the company.