RBI fines Visa, Ola Financial and Manappuram for contravention of PPI, KYC rules

The Reserve Bank of India on Friday imposed monetary penalties on Ola Financial Services and Manappuram Finance for non-compliance of KYC norms. It has imposed a fine on Visa Worldwide Pte ltd for non-compliance of directions.

Two separate fines were imposed on Ola Financial Services, one amounting to Rs 33.40 lakhs for failing to comply with directions provided under the Know Your Customer (KYC) directions. The second fine of Rs 54.15 lakh was imposed for deficiencies in regulatory compliance provided under the Payment and Settlement Systems Act, 2007.