The Reserve Bank on Friday lifted the restrictions placed on Kolkata-based Arohan Financial Services Limited with immediate effect. In October last year, the central bank had ordered Arohan Financial and three other NBFCs to cease and desist from sanction and disbursal of loans effective from the close of business of October 21, on material supervisory concerns, including usurious pricing.
Subsequently, the Kolkata-based NBFC initiated remedial action and submitted its various compliances to the Reserve Bank, the RBI said on Friday.
“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 said it has decided to lift the restrictions placed on Arohan Financial Services with immediate effect.
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