RBI imposes Rs 1.7 cr penalty on Ola Financial Services for breach of norms

The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007

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