RBI fines Ola Financial Services Rs 1.67 cr for not following directions

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Written By WindowsHindi

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The (RBI) on Tuesday fined Rs 1.67 crore for not complying with its directions on prepaid payment instruments. The company is a unit of the ride-hailing platform.

was found to be non-compliant with the directions issued by RBI on Know Your Customer (KYC) requirements. Accordingly, the central bank issued a notice to the entity advising it to show cause as to why a should not be imposed on it.

Following the company’s response to a notice, the central bank concluded that the charge of non-compliance with the directions issued by it was substantiated and it warranted a monetary on the company.

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