Business News | RBI Lifts Restrictions on Asirvad Micro Finance, DMI Finance

Mumbai (Maharashtra) [India], January 8 (ANI): 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.

Also Read | 'Dominic and the Ladies Purse' Trailer: Mammootty's Detective Tackles a 'Simple' Purse Mystery That Spirals Into a Double-Disappearance Case (Watch Video).

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.

Also Read | PM Narendra Modi Launches Projects Worth INR 2 Lakh Crore Including India's Largest Green Hydrogen Hub, South Coastal Railway Zonal Headquarters in Andhra Pradesh (Watch Video).

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. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)