RBI takes action against 4 NBFCs over excessive interest rates, non-compliance with financial regulations on loans

Mumbai (Maharashtra) [India], October 17 (ANI): The Reserve Bank of India (RBI) has directed four non-banking financial companies (NBFCs), including two microfinance institutions (MFIs), to halt the sanction and disbursal of new loans starting on concerns over their excessive interest rates and non-compliance with established financial regulations.

According to RBI, Asirvad Micro Finance Limited (Chennai), Arohan Financia