The Reserve Bank of India (RBI) has levied a monetary penalty of Rs 3.10 lakh on Ola Financial Services Private Limited for failing to comply with certain regulatory requirements under its Know Your Customer (KYC) directions.

The penalty was imposed through an order dated September 24, 2026, 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 between January 2025 and November 2025. Following the inspection, the central bank issued a notice to Ola Financial Services after identifying instances of non-compliance with its KYC-related directions.

After reviewing the company's response, subsequent submissions and representations made during a personal hearing, RBI concluded that the charge was established. The regulator found that the company had failed to undertake risk categorisation for certain customers.

RBI clarified that the penalty relates to regulatory compliance deficiencies and does not affect the validity of transactions or agreements between the company and its customers. The monetary penalty is also without prejudice to any further action that the regulator may take against the company.