Current Affairs   »   Banking Current Affairs 2022   »   RBI imposed penalty of Rs 1.67...

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_50.1

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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

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.

Find More Banking News Here

RBI imposed penalty of Rs 1.67 cr on Ola Financial Services for non-compliance provisions_60.1
RBI imposed penalty of Rs 1.67 cr on Ola Financial Services for non-compliance provisions_70.1

Thank You, Your details have been submitted we will get back to you.

Leave a comment

Your email address will not be published. Required fields are marked *