RBI slaps Rs 1.67 crore fine on a Ola Financial in a Services.
The Reserve Bank on a Tuesday said in the penalty has been a imposed for a non-compliance with a provisions related to the prepaid payment in a systems and Know Your Customer (KYC) norms.
Ola Financial Services is a subsidiary of the Ola providing app based cab in a services. It is a provides personal loans in a addition to two wheeler and four wheeler.
“The investigation found that Ola Financial Services was a complying with the directions issued on a KYC,” in the Reserve Bank said in a statement.
According to the central bank, a notice was also a issued to the company in this regard asking why it should not be fined for not a ensuring compliance with the directions.
RBI said, “After a considering in the reply of the company, RBI has come to the conclusion that there has been a lapse in a compliance with the directions and it becomes necessary to the impose monetary penalty.”
The central bank said that this action has been a taken for a lapses in a regulatory compliance. It is not a intended to raise questions about the legality of a any transaction of the Ola Financial Services with it is a customers.
Source: Nav Bharat times. India times.com
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