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 Last updated on July 15th, 2022 03:31 pm 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, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.