RBI Penalty on Ola: Reserve Bank of India has imposed heavy penalty on Ola Financial Services for non-compliance of rules. Before imposing the penalty, RBI had issued a notice to the company.
RBI Imposes Penalty on Ola: The Reserve Bank of India (RBI) has imposed a huge penalty of Rs 1.67 crore on Ola Financial Services Pvt Ltd. The Reserve Bank (RBI) said that this penalty has been imposed for non-compliance with the provisions related to the Prepaid Payment System and Know Your Customer (KYC) rules. Let us tell you that Ola Financial Services is a subsidiary of Ola providing app based cab service. Apart from two-wheeler and four-wheeler vehicles, it also offers personal loans.
This question was asked by issuing notice earlier
In a statement given by the Reserve Bank, it was told that it was found in the investigation that Ola Financial Services was not following the rules issued regarding KYC. According to the central bank, a notice in this regard was also issued to the company earlier and it was asked why it should not be fined for not complying with the instructions.
Failure to follow RBI rules
RBI said, “After considering the company’s reply, it has been concluded that there has been lapse in implementation of the directions and it is necessary to impose penalty on Ola.” It was told by the central bank that this action has been taken for lapses in regulatory compliance. It is not intended to raise questions about the legality of any transaction of Ola Financial Services with its customers.
RBI also imposed penalty on these banks
Earlier, on Monday, the RBI had fined three cooperative banks for not following the rules. The banks on which this penalty was imposed are The Nashik Merchants Cooperative Bank, Maharashtra State Cooperative Bank and National Central Cooperative Bank Ltd.
