# RBI fines Hero Fincorp Rs 10 lakh, Ola Financial Rs 3.10 lakh 2026-09-24T14:22:00+00:00 | Governance | Indian Opinion Desk Corroboration: 2 independent outlets The Reserve Bank of India has imposed a monetary penalty of Rs 10 lakh on Hero Fincorp for collecting excess interest from certain loan accounts, and a separate penalty of Rs 3.10 lakh on Ola Financial Services for failing to carry out risk categorisation of certain customers, violating KYC norms. NDTV Profit reported that Hero Fincorp collected excess interest and Ola Financial failed in risk categorisation. The RBI's orders, dated September 22 and September 24, 2026, followed statutory inspections that found non-compliance with RBI directions on fair lending practices and KYC. Both companies were issued show-cause notices and given personal hearings before the penalties were imposed. The RBI stated the actions are based on regulatory compliance deficiencies and do not pronounce on the validity of any transactions. The penalties are without prejudice to any further action the RBI may take. ## Indian Opinion Analysis NDTV Profit reported both penalties as a single news item, framing them as parallel enforcement actions. The RBI's separate press releases provided identical procedural details for each case. The coverage is uniform straight reporting with no discernible slant. The fines are modest in amount, indicating the RBI's regulatory focus on compliance procedures rather than systemic failure. The two cases show the RBI acting across both traditional lending and fintech platforms under different statutory powers. ## Coverage - ndtvprofit.com (neutral report) Straightforward reporting of RBI actions on two firms - rbi.org.in (neutral report) Standard RBI press release detailing penalty on Ola Financial Services - rbi.org.in (neutral report) Standard RBI press release detailing penalty on Ola Financial Services Tags: Hero Fincorp, KYC, Ola Financial Services, RBI Canonical: https://indianopinion.org/rbi-fines-hero-fincorp-rs-10-lakh-ola-financial-rs-3-10-lakh/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/rbi-fines-hero-fincorp-rs-10-lakh-ola-financial-rs-3-10-lakh/#story-in-brief