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.
India created history at the inaugural Commonwealth Kabaddi Championship 2026 after the men’s team won…
Prashant Chaudhary, founder of CodeYogi Foundation, won the fifth Rohini Nayyar Prize for Outstanding Contribution…
After 35 years, the United Nations peacekeeping mission MINURSO in Western Sahara has been dissolved…
Museums are places where the history, art, culture and scientific achievements of humankind are kept.…
President’s Colour award was presented to the Chandigarh Police by the Union Home Minister Amit…
A severe cyclonic storm, Murasu, formed in the west-central Bay of Bengal and is now…