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Motilal Oswal Report
The Reserve Bank of India has instructed Asirvad Micro Finance, a subsidiary of Manappuram Finance, to halt the sanctioning and disbursement of loans, effective October 21, 2024. In addition to Asirvad, the RBI has imposed a similar ban on Arohan Financial Services, DMI Finance, and Navi Finserv.
The RBI shared that the decision to ban the lending operations of Asirvad stemmed from major supervisory concerns about its pricing practices, particularly the weighted average lending rate and the interest spread over its cost of funds, which was deemed excessively high and not in compliance with the regulations and the Fair Practices Code issued by the RBI.
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