Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1,67,80,000 on Ola Financial Services Private Limited. The violation related to non-compliance with certain provisions of the Master Directions on PPIs and the Master Direction on KYC, 2016. RBI said the action followed deficiencies in regulatory compliance, a show-cause notice, and its conclusion that the non-compliance was substantiated under Section 30 of the Payment and Settlement Systems Act, 2007.
Action Snapshot
- Primary Impact
- Fine: Rs 1.68 Cr
- Entity Type
- Payment entity
- Action Type
- Monetary penalty
- Order Date