KYC norms: RBI fines Ola Fin Rs 1.7 crore – Times of India

MUMBAI: The RBI has imposed a Rs 1.7-crore penalty on Ola Financial Services for not complying with the regulator’s ‘know your customers’ (KYC) guidelines.
Ola Financial Services has a licence for issuing prepaid instruments. The prepaid wallet is made available to users of the Ola app for hailing rides. RBI rules for prepaid wallets allow adding up to Rs 10,000 with minimum details. While full KYC is not required for monthly addition of up to Rs 10,000, the company has to obtain minimum details including a verified mobile number and self-declaration of name and unique identification number of a valid document. In such accounts, the amount loaded in a financial year cannot exceed Rs 1 lakh.A full KYC account needs the customer to provide address and identity proof as required for various financial services including bank accounts.
Ola got into the financial services business by acquiring ZipCash card services. The company was acquired by ANI technologies, which is the owner of Ola.