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The Reserve Bank of India (RBI) has imposed a fine of Rs 1.67 crore on Ola Financial Services Pvt Ltd for non-compliance with know your customer (KYC) guidelines.
The fine was also imposed as the company violated certain norms set by the bank in relation to prepaid payment instrument (PPI).
“RBI has imposed a monetary penalty of Rs 1,67,80,000 on Ola Financial Services for non-compliance with certain provisions of the PPI Master Guidelines dated 27 August 2021 and the Master Guideline – Know Your Customer (KYC) Guideline, 2016 dated February 25, 2016 “, RBI said. According to the RBI, this action is based on deficiencies in regulatory compliance and is not intended to rule on the validity of a transaction or agreement entered into by the entity with its customers.
“It was observed that the entity did not comply with the guidelines issued by the RBI regarding KYC requirements. Accordingly, a notice was issued to the entity advising him to show cause why penalty should not be imposed for non-compliance,” RBI said. After considering the entity’s response, the RBI has concluded that the aforesaid allegation of non-compliance with the RBI guidelines is substantiated and warrants the imposition of monetary penalty, the release said.
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