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New Delhi: The Reserve Financial institution of India (RBI) on Tuesday imposed financial penalties of INR 1.67 crore on Ola Monetary Companies Non-public Restricted in a matter associated to deficiencies in regulatory compliance, in accordance with an official assertion issued by the Central Financial institution on Friday.
“RBI has imposed a financial penalty of INR 1,67,80,000 on Ola Monetary Companies Non-public Restricted for non-compliance with sure provisions of the Grasp Instructions on PPIs dated 27 August 27, 2021 and the Grasp Course – Know Your Buyer (KYC) Course, 2016 dated February 25, 2016,” RBI stated.
In accordance with the Central Financial institution, the penalty has been imposed in train of powers vested in RBI underneath Part 30 of the Fee and Settlement Techniques Act, 2007. “This motion is predicated on deficiencies in regulatory compliance and isn’t meant to pronounce upon the validity of any transaction or settlement entered into by the entity with its clients,” it added.
RBI famous that it was noticed that the entity was non-compliant with the instructions issued by RBI on KYC necessities. “Accordingly, discover was issued to the entity advising it to point out trigger as to why penalty shouldn’t be imposed for non-compliance with the instructions,” it added.
After contemplating the entity’s response, RBI concluded that the aforesaid cost of non-compliance with RBI instructions was substantiated and warranted imposition of financial penalty.
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