RBI imposes Monetary Penalty on Ola Financial Services
by Team Emka
Ola Financial Services
RBI has imposed monetary penalty of ₹1,67,80,000
Ola Financial Services
for non-compliance with certain provisions of the Master Directions on PPIs dated August 27, 2021
Ola Financial Services
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers.
Ola Financial Services
It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements.
Ola Financial Services
notice was issued to the entity advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.
Ola Financial Services
RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.