RBI imposes ₹3.10 lakh penalty on Ola Financial Services for KYC lapse
24 September 2026
The Reserve Bank of India (RBI), by an order dated September 24, 2026, imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with certain directions on 'Know Your Customer (KYC)'. The penalty was imposed under section 30(1) read with section 26(6) of the Payment and Settlement Systems Act, 2007. RBI's statutory inspection covered the company's operations from January 2025 to November 2025. After a show-cause notice and a personal hearing, RBI found sustained the charge that the company failed to carry out risk categorisation of certain customers. RBI said the action is based on deficiencies in regulatory compliance and does not pronounce on the validity of any transaction with customers.
In plain words
KYC Know Your Customer — Rules requiring financial firms to verify and assess the identity and risk profile of customers.
PSS Act Payment and Settlement Systems Act, 2007 — The law under which RBI regulates and supervises payment systems in India.
Risk categorisation — Classifying customers as low, medium or high risk for money-laundering checks.