Case Brief
The Reserve Bank of India has withdrawn the business restrictions it had imposed on ECL Finance Ltd and Edelweiss Asset Reconstruction Company Limited on May 29, 2024. Earlier, ECL Finance was barred from undertaking structured transactions in respect of its wholesale exposures, and Edelweiss ARC was barred from acquiring financial assets including SRs and reorganising SRs into senior and subordinate tranches. RBI said it was satisfied with the companies’ submissions, remedial measures, and commitment to adhere to regulatory guidelines, and therefore lifted the restrictions immediately.
Action Snapshot
- Primary Impact
- Lifted
- Entity Type
- NBFC
- Action Type
- Action lifted