BENGALURU: The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs 1.67 crore on Ola Financial Services for non-compliance with certain provisions.
It said the action is based on deficiencies in regulatory compliance and it is not intended to pronounce upon the validity of any transaction or agreement entered by the entity with its customers.
It offers lending for personal loans, two-wheelers and four-wheelers, among others. Last year, the central bank came up with master directors on Prepaid Payment Instruments (PPI).
“The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007,” the RBI said in a statement.