RBI imposes a monetary penalty of Rs 1. 67 crores on Ola Financial Services

The Reserve Bank of India on Tuesday imposed a monetary penalty of Rs 1. 67 crores on Ola Financial Services for non-compliance with certain provisions of the Master Directions on PPIs. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007.

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.

It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements. Accordingly, 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 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.