RBI lifts curbs on Ashirvad Micro Finance, DMI Finance 

The Reserve Bank of India (RBI) has lifted supervisory restrictions on Ashirvad Micro Finance Ltd. and DMI Finance Private Ltd. after getting satisfied about the corrective action taken by both the regulated entities.

On October 17, 2024, the RBI directed the two entities to cease and desist from sanction and disbursal of loans, effective from close of business as of October 21, 2024.

Subsequently, the above-mentioned companies initiated remedial action and submitted their various compliances to the Reserve Bank, the regulator said in a circular.

“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,” it said.

The business restrictions imposed on two other NBFCs, dated October 17, 2024, namely Navi Finserv Pvt, Ltd, and Arohan Financial Services Ltd. were lifted on December 2, 2024 and January 3, 2025, respectively.