RBI fines Hero Fincorp, Ola Financial for violations

RBI penalised Hero Fincorp ₹10 lakh for charging excess interest on loan accounts, violating its Fair Practices Code. Ola Financial Services was also fined for non-compliance with KYC directions, failing to risk-categorise certain customers. RBI clarified the penalties stem from regulatory deficiencies and do not affect validity of customer transactions.