RBI Imposes Penalty on Ola: RBI fined Ola more than 1.5 crore, know what is the whole matter?

RBI penalty on Ola: The Reserve Bank of India has imposed a heavy penalty on Ola Financial Services for non-compliance with the rules. RBI had issued notice to the company before imposing the penalty.

RBI fines Ola: The Reserve Bank of India (RBI) has imposed a hefty fine of Rs 1.67 crore on Ola Financial Services Pvt Ltd. The Reserve Bank of India (RBI) said that this penalty has been imposed for non-compliance with the provisions. related to Know Your Customer (KYC) standards and prepaid payment systems. Let us tell you that Ola Financial Services is a subsidiary of Ola which provides app-based cab services. Apart from two-wheelers and four-wheelers, it also offers personal loans.

This question was asked by issuing the first notice
In a statement given by the Reserve Bank, it was said that during the investigation it was found that Ola Financial Services is not following the rules issued regarding KYC. According to the central bank, a notice in this regard was issued to the company earlier also and it was asked why a penalty should not be imposed on it for not following the instructions.

Reserve Bank of India
The RBI stated, “After taking into account the company’s response, it has been determined that there has been a failure to implement the directives and it is required to impose a penalty on Ola.” It was told by the central bank that this action has been taken for the lapse in regulatory compliance. It is not intended to raise questions with its customers about the legality of any transaction of Ola Financial Services.

Read More: The RBI has modified the FD rules! otherwise, there could be a significant loss.

RBI also imposed penalties on these banks
Earlier on Monday, the RBI had imposed a penalty on three cooperative banks for not following the rules. The banks on which this penalty has been imposed are Nashik Merchant Cooperative Bank, Maharashtra State Cooperative Bank, and National Central Cooperative Bank Ltd.

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