RBI imposed Monetary Penalty on Manappuram Finance, Ola Financial Services and Visa:

RBI imposed Monetary Penalty on Manappuram Finance, Ola Financial Services and Visa The Reserve Bank of India (RBI) imposed monetary penalties on three Payment System Operators (PSOs) for failing to comply with the RBI's KYC criteria on July 26. The central bank imposed fines of Rs.41.50 lakh on Manappuram Finance, Rs.87.55 lakh on Ola Financial Services Pvt. Ltd., and Rs.240.75 lakh on Visa Worldwide Pvt. Ltd. The penalties arise from Manappuram Finance Limited and Ola Financial Services' failure to comply with the RBI's KYC standards. The central bank stated that notices were issued to the entities, asking them to show reasons why a penalty should not be levied for non-compliance with the orders. After reviewing their written responses and oral submissions made during the personal hearing, the RBI found that the aforementioned charges of noncompliance with RBI orders were supported and warranted the imposition of a monetary penalty. Furthermore, Ola Financial Services Pvt. Ltd. has reported cases of insufficient balance in its escrow account and filed an application for compounding the breach. After reviewing the compounding application and oral representations made during the personal hearing, the RBI concluded that the aforementioned breach could be compounded, it added. In the case of Visa Worldwide Pte. Limited, the RBI stated that the organization had adopted a payment authentication solution without receiving regulatory permission from the RBI. In response to the show cause notice, the entity submitted an application for compounding the violation. After reviewing the compounding application and oral representations made during the personal hearing, the RBI ruled that the aforementioned breach can be compounded, it added.