Mumbai (Maharashtra) [India], January 8 : The Reserve Bank of India (RBI) has decided to lift restrictions placed on Asirvad Micro Finance and DMI Finance, with immediate effect, which was initially imposed in October 2024.
On October 21, 2024, RBI imposed restrictions on the sanction and disbursal of loans on these two entities.
In the times that followed, the two companies initiated remedial action and submitted their various compliances to the RBI.
RBI was satisfied with the remedial actions and with the companies' submissions.
In view of the "adoption of revamped processes, systems, and the companies' commitment" to ensure adherence to the Regulatory Guidelines, RBI lifted the restrictions.
Separately, certain restrictions that were imposed on two other NBFCs on October 17, 2024 Navi Finserv Pvt Ltd and Arohan Financial Services Limited had been lifted dated December 2, 2024 and January 3, 2025, respectively.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor