Ola Financial Services

Ola Financial Services was found to be non-compliant with the directions issued by RBI on KYC requirements

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

Ola Financial Services is expanding its suite of products by launching new lending offerings

Ola Financial Services (OFS) -- a subsidiary of Ola -- is looking to expand its insurance business internationally to support the company's mobility service through products designed for the UK and Australia and New Zealand (ANZ) markets. Ola's parent company ANI Technologies said OFS had a turbulent year (FY21) with the impact of external factors on the lending environment in general and the double impact on mobility business and its spillover to the OlaMoney brand. "OFS successfully managed to control its risk and limit its exposure to the worsening credit environment by taking proactive steps to reduce risk," ANI Technologies said in a regulatory document filed with the Registrar of Companies (RoC). OFS launched a slew of new products and capabilities in both the lending and insurance businesses and further deepened its partnerships with the leading merchants in the ecosystem, it added. Ola did not respond to emailed queries. "OFS will be expanding the insurance business ...

Ola operates in over 110 towns and cities that will give it access to penetrate into smaller towns