The Reserve Bank of India (RBI) imposes a fine on Ola Financial Services for failing to categorize certain customers according to risk, a violation of RBI's KYC directions.
On September 24, 2026, the Reserve Bank of India (RBI) issued an order imposing a monetary penalty of INR 3.10 lakh on Ola Financial Services Private Limited for non-compliance with certain Know Your Customer (KYC) directions. The fine was imposed in accordance with the provisions of section 30(1) read with section 26(6) of the Payment and Settlement Systems Act, 2007. This action followed a statutory inspection conducted by RBI for the period from January 2025 to November 2025, which revealed non-compliance with RBI directions on KYC. Specifically, the company was found to have failed to carry out risk categorization of certain customers.
Based on the supervisory findings of non-compliance with the provisions of RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions of RBI directions. After considering the company’s reply to the notice, additional submissions made by it, and oral submissions made during the personal hearing, RBI found that the charge against the company was sustained, warranting imposition of monetary penalty.
Source:
Reserve Bank of India
