The Reserve Bank of India removes officially supervision restrictions on Asirvad Micro Finance Limited, Chennai, and DMI Finance Private Limited, New Delhi, effective immediately. The restrictions were imposed earlier because of regulatory compliance issues that were to be strictly complied with operations guidelines between October 21, 2024, when restriction for loan sanction .
Asirvad Micro Finance Limited is also a Micro Finance Institution that works under its Certificate of Registration dated September 27, 2016. DMI Finance Pvt. Ltd. is an Investment and Credit Company (ICC) registered in New Delhi and issued its Certificate of Registration dated January 5, 2009. Both companies have to rectify their deficiencies before they would be able to again resume their normal business activities.
To improve in their process and operations on correction actions by the two NBFCs under applicable RBI’s regulatory guidelines, both companies submitted reports detailing many achievements made towards improvement in their internal systems and processes on transparency in the pricing of loans and fair business practices. To have every action taken into its hands, the RBI reviewed what was submitted and considered the sufficiency of their efforts to lift the restrictions for such entities, thereby permitting them to carry on with their normal activities of business.
Also, restrictions imposed earlier on Navi Finserv Pvt Ltd and Arohan Financial Services Limited have also been lifted by the RBI. The prohibition imposed on Navi Finserv was finally revoked on the date of December 2, 2024, while that of Arohan Financial Services was lifted on January 3, 2025.
This indeed underlines RBI’s stringent actions on regulatory norms while affording NBFCs the opportunity to restores their operational shortcomings. Therefore, both Asirvad Micro Finance and DMI Finance are again looking towards regaining their position in the financial market and restoring trust from their stakeholders.
Disclaimer: The information provided is for educational purposes only and does not constitute financial advice. We are not registered financial advisors. Please conduct your own research and consult a qualified advisor before making investment decisions. Any investment decisions you make based on this information are solely at your own risk.
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Published on: January 7, 2025 at 6.45 PM GMT.
9th January is celebrated as Pravasi Bharatiya Divas!
Gavisiddeshwara Jatra:
The southern part of the country witnesses the most important of all fairs, known as Gavisiddeshwara Jatra, and is conducted for three days in Koppal, Karnataka, from January 12, 2020. This sensational festival includes the Rathotsava, which is basically a temple car festival, a feeding of the community through a program called “dasoha,” and various religious discourses and cultural performances.
As stated in Bhagavad Gita : (Bhagavad Gita 4.38)
यज्ज्ञात्वा न पुनर्मोहं एवम्यस्यासि पाण्डव।
In this world, there is nothing so sublime and pure as transcendental knowledge.
