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The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,67,80,000 on Ola Financial Services Private Limited for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021, and the Master Direction on Know Your Customer (KYC) dated February 25, 2016, as updated from time to time.
The penalty has been imposed under Section 30 of the Payment and Settlement Systems Act, 2007, following observations that the entity did not fully comply with KYC requirements outlined by RBI. A show-cause notice was issued to the entity, and after reviewing its response, RBI concluded that the non-compliance was substantiated and warranted the imposition of the monetary penalty.
The action underscores RBI’s continued emphasis on regulatory compliance within the payment and settlement systems, ensuring customer protection and adherence to KYC norms.
[RBI]