Announced the sentence of RS 1.67.80,000, RBI said Ola’s financial services did not comply with your customer’s direction.
The sentence has been imposed in the exercise of power given at the central bank based on section 30 of the Payment and Settlement System Law, 2007.
This action is based on deficiencies in compliance with regulations and is not intended to be spoken to the validity of any transaction or agreement that is included by the entity with its customers, “said RBI.
According to him, Ola Financial Services did not comply with the direction issued by the RBI regarding KYC requirements.
Therefore, the notification is issued to the entity that advised him to show the reason why the punishment should not be imposed for non -compliance with direction, said RBI.
After considering the response of Ola Financial Services, RBI concluded that the accusation of non -compliance with his direction was proven and guaranteed the imposition of monetary punishment.
