1.67 crore fine to Ola... RBI orders!!

Sindujaa D N

1.67 crore fine to Ola... RBI orders!!


RBI has imposed a penalty of Rs 1.67 crore on ola Financial Services. The Reserve bank has imposed a fine of over 1.67 crore rupees on ola Financial services, which is operating under Ola. Penalties are imposed for non-compliance with certain regulations.

The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india has imposed a penalty of Rs 1,67,80,000 on ola Financial services for non-compliance with pre-paid transaction and KYC norms. The Reserve bank has informed that ola Financial services has been found to have acted in non-compliance with the norms contained in the order issued by the Reserve bank on february 25, 2016 and has been fined for this.


It is noteworthy that ola Financial services provides services such as two-wheeler loan, four-wheeler loan, personal loan and insurance. RBI has clarified that there is no risk to the customers due to the penalty imposed on ola Financial Services.




It seems that ola Financial services were spotted not following the rules and regulations directed by the RBI on KYC. As per the report, a prior notice was also issued to the company seeking an explanation why they are not sticking to the KYC guidelines. After considering Ola’s explanation RBI concluded that the company is not obeying the rules and imposed a fine of Rs 1,67,80,000.

For more interesting updates click and follow Indiaherald WhatsApp channel

Find Out More:

OLA Fine

Related Articles: