• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

RBI Allows Asirvad, DMI Finance To Resume Lending Operations

OMMCOM NEWS by OMMCOM NEWS
January 8, 2025
in Business
RBI

Mumbai:  The Reserve Bank has lifted its ban on the ‘sanction and disbursal of loans’ by Asirvad Micro Finance and DMI Finance Pvt Ltd, in a big relief to the two microfinance companies, according to an RBI circular issued on Wednesday.

The RBI had in October, 2024, taken action against four NBFCs — Asirvad Micro Finance Ltd, Arohan Financial Services Ltd, DMI Finance and Navi Finserv — citing material supervisory concerns, and asked these entities to cease and desist sanction and disbursal of loans, effective from October 21.

Two of these companies have now been allowed to resume their lending operations, according to an RBI statement.

The central bank said the action was based on material supervisory concerns observed in the “Pricing Policy of these companies in terms of their weighted average lending rate (WALR) and the interest spread charged over their cost of funds, which are found to be excessive and not in adherence with the regulations”.

These NBFCs were also found to be not in conformity with the provisions laid down under the Fair Practices Code issued by the RBI. In addition to usurious pricing, the NBFCs were found to be in non-adherence with the regulatory guidelines on the assessment of household income and consideration of existing or proposed monthly repayment obligations in respect of their microfinance loans.

“Deviations were also observed in respect of Income Recognition & Asset Classification (IR&AC) norms resulting in evergreening of loans, the conduct of gold loan portfolio, mandated disclosure requirements on interest rates and fees, outsourcing of core financial services, etc,” said the RBI.

According to the RBI, the business restrictions have been made effective from the close of business on October 21, 2024, to facilitate the closure of transactions in the pipeline, if any.

These business restrictions do not preclude these companies from servicing their existing customers and carrying out collection and recovery processes in accordance with the extant regulatory guidelines.

The RBI further stated that these business restrictions will be reviewed upon receipt of confirmation from the companies regarding suitable remedial action having been taken to adhere to the regulatory guidelines, “more particularly their pricing policy, risk management processes, customer service and grievance redressal aspects, to the satisfaction of the Reserve Bank”.

(IANS)

ShareTweetSendSharePinShareSend
Previous Post

646 Aftershocks Detected After 7.1 Magnitude Earthquake Struck Nepal-Tibet Border Region

Next Post

K’taka: Six Maoists Surrender In CM Siddaramaiah’s Presence

Related Posts

Business

TCS, Bharti Airtel See Big Value Erosion This Week

July 13, 2025
Business

Commerce & Industry Ministry Clocks Hectic Week To Push Exports, Big Projects

July 13, 2025
Business

Market Outlook: Quarterly Earnings, Inflation Data, Global Cues To Drive Stock Market This Week

July 13, 2025
Business

GST Council Meeting Soon, Tax Slab Rates And Compensation Cess Key Review Points

July 12, 2025
Indian stock markets
Business

Nifty’s Closing Above 25,330 Could Reignite Bullish Momentum: Experts

July 12, 2025
Business

Days After Khemka, Yadav Murders, Another Patna Trader Gunned Down; Business Community Tense

July 12, 2025
Next Post

K’taka: Six Maoists Surrender In CM Siddaramaiah's Presence

Green Hydrogen Hub, New Railway Zone Among Rs 2 Lakh Crore Projects Launched By PM Modi

Deputy CM Parida Highlights Odisha’s Global Tourism Aspirations

khimji
TPCODL
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.