Gujarat, Ahmedabad 05th January 2024: The Reserve Bank of India (RBI) has lifted the lending restrictions placed on Arohan Financial Services with immediate effect.
In a release issued on Friday, the Reserve Bank said Arohan initiated remedial action and submitted its various compliances to it. “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, with immediate effect,” the central bank added.
“We are delighted to receive the RBI order on lifting the restrictions today.On behalf of our 23 lac bottom of the pyramid borrowers and 10,000 employees we thank the RBI with whom we worked very closely to understand, explain and make the necessary changes.We pride ourselves on being high on corporate governance in the Aavishkar Group and will continue to do the needful in this key business of Financial Inclusion”. Said Manoj Nambiar, Managing Director, Arohan Financial Services Limited.
