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On October 17, 2024, the Reserve Bank of India had, in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, issued Directions to Arohan Financial Services Limited, Kolkata, to cease and desist from sanction and disbursal of loans, effective from close of business as of October 21, 2024. Subsequently, the company initiated remedial action and submitted its various compliances to the Reserve Bank. Now, having satisfied itself based on company’s submissions, and in view of their adoption of revamped processes, systems, and the company’s 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 Arohan Financial Services Limited, with immediate effect. (Puneet Pancholy) Press Release: 2024-2025/1854 |
