Reserve Bank of India imposes monetary penalty on Ola Financial Services Private Limited

Case Brief

The Reserve Bank of India imposed a monetary penalty on Ola Financial Services Private Limited by order dated September 24, 2026. The penalty was levied under section 30(1) read with section 26(6) of the Payment and Settlement Systems Act, 2007, following a statutory inspection for the period January 2025 to November 2025. RBI found that the company had not complied with certain KYC directions, specifically that it failed to carry out risk categorisation of certain customers. RBI stated that the action was based on deficiencies in regulatory compliance and does not pronounce on the validity of any transaction or agreement, and that the penalty is without prejudice to any other action that may be initiated.