Ola Financial Services Pvt. Ltd

RBI imposed a monetary penalty of Rs 3.10 lakh on Ola Financial Services Private Limited for KYC non-compliance. The company failed to risk-categorise certain customers.

Ola Financial Services must absorb the monetary penalty and remain compliant with RBI KYC requirements going forward, especially around customer risk categorisation. The order does not impose an operational ban, but RBI may pursue additional action if warranted.

• section 30(1) read with section 26(6) of the Payment and Settlement Systems Act, 2007

RBI imposed a monetary penalty on Manappuram Finance Limited and Ola Financial Services Pvt. Ltd. for KYC non-compliance. The release also mentions compounding orders for Ola Financial Services and Visa Worldwide Pte. Limited for separate violations.

The penalty creates a financial and compliance consequence for the named PSOs but does not itself impose an operating ban or restriction. The entities are expected to strengthen KYC compliance and, in Ola’s case, also address the escrow-account shortfall and the separate compounding matter; the release states the actions do not pronounce on the validity of customer transactions or agreements.

• Section 30 of the Payment and Settlement Systems Act, 2007
• Section 31 of the Payment and Settlement Systems Act, 2007
• Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016

This RBI action affected 3 entities. This profile is linked as bulk member.

RBI imposed a monetary penalty on Ola Financial Services Private Limited for non-compliance with PPI and KYC directions. The penalty was levied after the RBI found the charge of regulatory non-compliance substantiated.

The company must absorb the monetary penalty; the release does not describe any operational restriction, suspension, or withdrawal of permissions. The action is forward-looking only in the sense of the financial penalty and does not itself state customer-facing service curbs.

• Section 30 of the Payment and Settlement Systems Act, 2007