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RBI Slaps INR 87.5 Lakh Fine On Ola Financial For Flouting Norms

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The fintech arm of Ola, a ride-hailing company, has been fined INR 33.40 Lakh for not adhering to know your customer (KYC) norms. Additionally, a penalty of INR 54.15 Lakh was imposed for violating master directions on prepaid payment instruments (PPIs). The Reserve Bank of India (RBI) levied these fines under the Payment and Settlement Systems Act, 2007.