Recorded RBI impact
Lifted
Action lifted · Lifted / withdrawn
Published by RBI
8 Jan 2025
Case Brief
The Reserve Bank of India has removed supervisory restrictions that had previously been imposed on Asirvad Micro Finance Limited, Chennai, and DMI Finance Private Limited, New Delhi. The release references earlier Directions issued on October 17, 2024 under Section 45L(1)(b) of the RBI Act, 1934, and indicates that those restrictions are now withdrawn. No penalty is stated, and the action is a restoration rather than a fresh adverse measure.
Why RBI Acted
The release announces the removal of supervisory restrictions for Asirvad Micro Finance Limited, Chennai and DMI Finance Private Limited, New Delhi. It states that RBI had earlier issued Directions to these NBFCs under Section 45L(1)(b) of the RBI Act, 1934, and the present action lifts those restrictions. No monetary penalty is mentioned.
Operating Impact
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.
Regulatory Basis
- Section 45L(1)(b) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- Lifted
- Order Date
- 17 Oct 2024
- Effective From
- 17 Oct 2024
- Entities Affected
- 2
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to DMI Finance Private Limited