NEW DELHI: The Reserve Bank of India (RBI) has announced the immediate removal of restrictions on Asirvad Micro Finance and DMI Finance, which were imposed on 21 October last year.
The restrictions barred the two entities from sanctioning and disbursing loans.
After RBI’s sanctions, both companies initiated corrective measures and submitted compliance reports to the central bank.
The apex bank expressed satisfaction with the measures taken by the company and lifted the restrictions.
“Now, having satisfied itself based on companies’ submissions, and in view of their adoption of revamped processes, systems, and the companies’ commitment to ensure adherence to the Regulatory Guidelines on an ongoing basis, especially for ensuring fairness in the loan pricing, the Reserve Bank has decided to lift the afore-mentioned restrictions placed on both, Asirvad Micro Finance Limited and DMI Finance Private Limited, with immediate effect,” a press release from the central bank stated.
Meanwhile, similar restrictions imposed on Navi Finserv Pvt Ltd and Arohan Financial Services Limited on 17 October 2024 were lifted earlier, on 2 December 2024 and 3 January 2025, respectively.
