Manappuram Finance Limited has announced that the Reserve Bank of India (RBI) has lifted the restrictions imposed on its subsidiary, Asirvad Micro Finance Limited, regarding the sanctioning and disbursal of loans. The restrictions, which came into effect on October 21, 2024, following an RBI directive, have now been removed as of January 8, 2025.
Background:
- The RBI had instructed Asirvad Micro Finance Limited to cease loan sanctioning and disbursement operations due to compliance concerns raised in October 2024.
- The lifting of restrictions follows corrective measures undertaken by the company and the RBI’s subsequent review.
Impact:
With the restrictions lifted, Asirvad Micro Finance Limited can now resume its regular loan sanctioning and disbursal activities. This development is expected to support the company’s ongoing growth strategy and improve its operational efficiency.
Manappuram Finance Limited thanked the RBI for its guidance and reiterated its commitment to adhering to all regulatory requirements.
Disclaimer: The information provided is for informational purposes only and should not be considered legal, financial, or investment advice. Always conduct your own research or consult with relevant authorities before making decisions.
