Hero FinCorp, Ola Financial Services & KLM Axiva Fined ₹15.80 Lakh by RBI
Moneylife Digital Team 25 September 2026
Reserve Bank of India (RBI) has imposed a total penalty of ₹15.80 lakh on three non-banking financial companies (NBFCs) for failing to comply with regulatory directions issued by the banking regulator. The highest penalty of ₹10 lakh has been imposed on Hero Fincorp Ltd..
 
The other penalised NBFC’s are Ola Financial Services Pvt Ltd and KLM Axiva Finvest Ltd.
 
Hero FinCorp has been penalised by RBI for non-compliance with certain provisions of its directions on the fair practices code for lenders relating to the charging of interest.
 
During its statutory inspection, RBI found that Hero FinCorp had collected excess interest from certain loan accounts.
 
Ola Financial Services has been fined ₹3.10 lakh for non-compliance with directions issued by RBI on know-your-customer (KYC) norms. RBI’s inspection found that the NBFC had failed to carry out risk categorisation of certain customers.
 
In the case of KLM Axiva Finves, the NBFC had failed to pay the surplus amount realised from the auction of pledged gold articles, over and above the loan outstanding, to certain borrowers. 
 
As a result, RBI penalised KLM Axiva Finvest ₹2.70 lakh.
 
In all three cases, RBI clarified that the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce on the validity of any transactions or agreements these entities entered into with their customers.
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