RBI imposes monetary penalty on Ola Financial Services ...Middle East

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RBI imposes monetary penalty on Ola Financial Services
source : Devdiscourse ( Middle East ) () 75
The Reserve Bank of India (RBI) on Tuesday said it has imposed a monetary penalty of Rs 1.68 crore on Ola Financial Services Private Limited for non-compliance with certain provisions of payment instruments and know your customers (KYC). The RBI has imposed a monetary penalty of Rs 1,67,80,000 on Ola Financial Services Private Limited for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021, and the Master Direction - Know Your Customer (KYC) Direction, 2016 dated February 25, 2016, the central bank said in a statement.

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