Business & Finance

RBI Fines Ola Financial Services For Violating Norms, Imposes Rs 1.67 Crore Penalty

Ola
The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007, the central bank said.

Mumbai: The Reserve Bank of India (RBI) has imposed a monetary penalty of 1.67 crore on Ola Financial Services Private Limited for lacking to comply with certain provisions.

“The RBI has imposed a monetary penalty of 1,67,80,000 on Ola Financial Services Private Limited for non-compliance with certain provisions of the Mastecompliancvr Directions on PPI dated 27 August, 2021 and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016,” it said.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers.

“It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements. Accordingly, notice was issued to the entity advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.”After considering the entity’s response, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty,” said RBI.

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National

Maharashtra Guv Felicitates Dia Mirza, Afroz Shah With Harmony Foundation’s ‘Mother Teresa Memorial Awards’

Tejas Joshi
Dia mirza

Dr. Abraham Mathai, the Founder Chairman of Harmony Foundation and Former Vice-Chairman of Minorities Commission, congratulated the awardees on the occasion. 

Each year, the Harmony Foundation identifies a theme for the Mother Teresa Memorial Awards and the Harmony International Conference that aligns with the need of the hour affecting humanity worldwide. In its 17th year, Harmony Foundation felicitated selfless individuals, organizations, and leaders who work relentlessly in the realm of augmenting Environmental Sustainability. A sustainable environment is monumental for the survival of humanity and other species on our planet. While humanity marches ahead in all spheres of what it terms progress, we forget our responsibility to its own future. After all, we do not inherit the Earth from our ancestors, we borrow it from our children. The Harmony Foundation is proud to acknowledge the diversity of individuals from various walks of life, from students to corporates, who are no less than the warrior-visionaries of our times and have diligently worked towards the conservation and preservation of our planet.

The United Nations Environment Program (UNEP) National Goodwill Ambassador Ms. Dia Mirza, and Environmental Activist Mr. Afroz Shah were felicitated with the prestigious Mother Teresa Memorial Awards for Social Justice 2021 by the Governor of Maharashtra Hon. Bhagat Singh Koshyari on July 12th, 2022 at Raj Bhavan, Mumbai. Ms. Mirza and Mr. Shah were awarded for their commendable and notable achievements in Environmental Sustainability.

Ms. Dia Mirza was awarded for her astounding and notable efforts in leading pivotal environmental campaigns across India as the Goodwill Ambassador of UNEP, India.

Mr. Afroz Shah was awarded for his impeccable and seminal efforts to lead one of the world’s largest beach clean-up movements in India that have inspired people around the world.

Dr. Abraham Mathai, the Founder Chairman of Harmony Foundation and Former Vice-Chairman of Minorities Commission, congratulated the awardees on the occasion and said: “Harmony Foundation hopes that our awardees inspire and enlighten people toward protecting the environment, and adopting eco-friendly practices to augment environmental sustainability.”

 

 

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