Asirvad Micro Finance Limited

RBI has imposed a penalty of ₹6.20 lakh on Asirvad Micro Finance Limited for multiple compliance failures. The lapses relate to microfinance reporting, customer factsheets, and internal ombudsman escalation requirements.

Asirvad Micro Finance Limited must absorb the monetary penalty and remain exposed to possible further supervisory action for the same or related compliance deficiencies. The order highlights continuing obligations around borrower-income reporting, disclosure to gold loan customers, and complaint escalation to the Internal Ombudsman, with implications for customer grievance handling and regulatory compliance.

• clause (b) of sub-section (1) of Section 58G
• clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934

RBI has removed supervisory restrictions on Asirvad Micro Finance Limited and DMI Finance Private Limited. The earlier directions issued under Section 45L(1)(b) are being withdrawn.

The two NBFCs are no longer subject to the earlier supervisory restrictions referenced in the release. This restores their operating flexibility under the prior directions framework and removes the specific compliance limitations that had applied under the October 17, 2024 order.

• Section 45L(1)(b) of the Reserve Bank of India Act, 1934

This RBI action affected 2 entities. This profile is linked as primary.