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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.

Sumit Arora Published On July 15th, 2022 Leave a comment

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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A notice was issued to the entity advising it to show cause as to why a penalty should not be imposed for non-compliance with the directions. Ola Financial Services Private Limited, a subsidiary of ride-hailing app Ola, offers financial services such as lending for two-wheelers, four-wheelers, personal loans and insurance products.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.