The Reserve Bank of India has imposed monetary penalty of ₹1,67,80,000/- on Ola Financial Services Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on PPIs and the Master Directions on KYC
Reserve bank of India observed that the entity was non-compliant with the directions issued by RBI on KYC requirements and 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. Accordingly, 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.
After considering the entity’s reply to the notice RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty and imposed a penalty of ₹1,67,80,000/- Rupees.
