Document Title: Reserve Bank of India imposes monetary penalty on Ola Financial Services Private Limited
Issuing Authority: Reserve Bank of India (RBI)
Reference: Press Release 2026-2027/1179
Date: 24 September 2026
Regulatory and policy measures
The RBI, exercising powers under section 30(1) read with section 26(6) of the Payment and Settlement Systems Act, 2007, issued an order on 24 September 2026 imposing a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non‑compliance with RBI directions on Know Your Customer (KYC).
A statutory inspection covering the period January 2025 to November 2025 identified deficiencies, notably the company’s failure to carry out risk categorisation of certain customers. Following the inspection, RBI served a show‑cause notice requiring the company to explain why the penalty should not be imposed. The company submitted a written reply, additional written submissions, and made oral submissions during a personal hearing. After evaluating these, RBI sustained the charge and imposed the penalty.
The RBI clarified that the penalty addresses regulatory compliance shortcomings and does not affect the validity of any transaction or agreement between the company and its customers. The imposition of the penalty is without prejudice to any further action RBI may take against the company.
The order was released as Press Release 2026‑2027/1179 and signed by the Chief General Manager, Brij Raj.