Rs 1.7 Crore Penalty Imposed on Ola Financial Services


The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 1,67,80,000 crore on Ola Financial Services Private Limited for non-compliance with certain provisions regarding Know Your Customer (KYC) Direction.

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 observing that that the entity was non-compliant with the directions issued by RBI on KYC requirements.

“After considering the entity’s response, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty,” said RBI.

However, 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.

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