Finance

RBI slaps Rs 1.68-crore fantastic on Ola Monetary Providers

 

The Reserve Financial institution of India (RBI) has imposed a penalty of Rs 1.68 crore on Ola Monetary Providers for non-compliance with sure provisions of know your buyer (KYC) norms, the central financial institution stated in a press launch. The RBI has imposed the penalty underneath the Cost and Settlement Techniques Act, 2007, which provides the central financial institution the authority to impose penalty on firms not complying with norms.

The RBI had issued a discover to the corporate to indicate trigger and after contemplating its response, the central financial institution determined to impose a penalty.

Ola Monetary Providers, part of taxi-hailing platform Ola, supplies e-wallet providers underneath the model title Ola Cash. The pockets is issued by Zipcash in co-branding with Ola. The corporate additionally points bank cards and provides postpaid providers.

Final week, the RBI imposed a fantastic of Rs 5.72 crore on Federal Financial institution, Rs 70 lakh on Financial institution of India, Rs 1 crore every on IndusInd Financial institution and Kotak Mahindra Financial institution for non-compliance.

 

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