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Restrictions lifted: ECL Finance and Edelweiss ARC get RBI's green signal

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The Reserve Bank of India (RBI) on Tuesday lifted its five-month-long restrictions on two Edelweiss Group entities—ECL Finance and Edelweiss Asset Reconstruction Company (ARC)—after the firms took corrective steps to align with regulatory norms.
The Reserve Bank of India (RBI) has lifted restrictions on ECL Finance Ltd and Edelweiss Asset Reconstruction Company Ltd (EARCL), allowing them to resume normal business operations. Previously, in May 2024, the RBI had imposed restrictions on ECL Finance due to concerns over its adherence to regulatory guidelines, particularly in the management of its loan portfolio and adherence to KYC norms. Similarly, Edelweiss ARC faced restrictions for issues related to its loan management practices. The lifting of these restrictions signifies that both companies have addressed the RBI's concerns and are now permitted to engage in structured transactions, including the acquisition of security receipts and the sale of non-performing assets (NPAs). This development is seen as a positive step for both entities, enabling them to expand their business activities and potentially improve their financial performance.

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[ https://www.businesstoday.in/latest/corporate/story/restrictions-lifted-ecl-finance-and-edelweiss-arc-get-rbis-green-signal-457681-2024-12-17 ]