RBI imposed penalty of Rs 1.67 cr on Ola Financial Services for non-compliance provisions

RBI imposed penalty of Rs 1.67 cr on Ola Financial Services for non-compliance provisions

• The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.67 crore on Ola Financial Services Private Limited for non-compliance with certain provisions related to pre-paid payment instruments and Know Your Customer norms.
• The penalty has been imposed in the exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007.

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Published date : 21 Jul 2022 05:30PM