RBI fines 4 Public Sector Banks for violating KYC norms

The Reserve Bank of India (RBI) has imposed a penalty of Rs 1.75 crore on four public sector banks, including PNB and UCO Bank, for non-compliance with KYC requirement and norms for opening of current accounts.

Punjab National Bank, Allahabad Bank and UCO Bank have been fined Rs 50 lakh each, while a penalty of Rs 25 lakh has been imposed on Corporation Bank

Ola Electric gets $250m funding from SoftBank

Ola Electric Mobility has raised $250 million (Rs 1,725 crore) from Japanese investment heavyweight SoftBank, valuing the company at close to $1 billion, two people familiar with the matter said. In March, ride-hailing app Ola had spun off its electric vehicles business into a separate entity.

Ola Electric’s share allotment to SoftBank was made on Tuesday, as reflected in a regulatory filing, which was accessed by ET.

It follows a special resolution passed by the Ola Electric board, making SoftBank the single largest investor in the company.