RBI imposes penalty of Rs.1.67 cr on Ola financial services

Current Context: RBI imposed a penalty of Rs.1.67 cr on Ola financial services for non-compliance with RBI directions on prepaid payment instruments. The company is a unit of the ride-hailing platform.

• Ola Financial Services was found to be non-compliant with the directions issued by RBI on Know Your Customer (KYC) requirements.
• RBI has imposed a fine in the exercise of the power vested on RBI under section 30 of the Payment and Settlement Act 2007.
• Ola financial service Ltd ( a subsidiary of the Ola ride-sharing app) offers financial services such as lending for two-wheelers, four wheelers.
• Static Knowledge:
• RBI governor – Shaktikanta Das
• RBI was formed – 1 April 1935
• RBI headquarters – Mumbai

Question:

Q.1 RBI imposed a penalty of Rs ________ on Ola financial services for not following directions issued by RBI on KYC requirements?
a. 1.67 cr
b. 2 cr
c. 2.5 cr
d. 1 cr