The Reserve Bank has taken action against three finance sector companies: Ola Financial Services, Manappuram Finance, and Visa.
The Central Bank has also imposed fines on these companies.
Ola Financial Fined Over ₹87 Lakh
The RBI announced these actions in separate orders on Friday.
According to one order, Ola Financial Services has been fined over ₹87.50 lakh.
The company has been fined ₹33.40 lakh for failing to adhere to KYC regulations.
Additionally, a fine of ₹54.15 lakh has been imposed for failing to comply with payment and settlement system regulations.
₹41.50 Lakh Fine Imposed on Manappuram Finance
The Reserve Bank has also imposed a ₹41.50 lakh fine on Manappuram Finance. The fine imposed on Manappuram Finance is due to non-compliance with KYC rules.
The RBI stated that Manappuram Finance did not properly follow its KYC (Know Your Customer) provisions, leading to the imposition of a fine.
Visa Fined ₹2.4 Crore
The Reserve Bank has imposed the largest fine of ₹2.4 crore on Visa Private Limited.
The multinational payment processing company was penalized for implementing a payment authentication solution without the Reserve Bank’s regulatory approval.
Visa said it respects the rules
Visa stated after the RBI’s action that it respects and adheres to compliance guidelines, regulations, and local rules in all countries where it operates.
The company accepted the RBI’s decision and committed to following the Reserve Bank’s rules in India while continuing to provide secure payment solutions.
