- 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
