The Reserve Bank of India (RBI) on Tuesday has imposed monetary penalty of Rs 1.67 crore on Ola Financial Services Private Limited (the entity) for non-compliance with certain provisions.
"RBI has imposed monetary penalty of ₹1,67,80,000/- (Rupees one crore sixty seven lakh eighty thousand only) on Ola Financial Services Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on PPIs dated August 27, 2021 and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time)," said RBI in a statement.
The penalty has been imposed in