RBI bans DMI Finance, Navi Finserv among 4 NBFCs from lending over regulatory violations

Quick Summary:

The RBI found that these companies were charging excessive interest rates and failing to adhere to regulatory guidelines, leading to restrictions on loan disbursals starting from October 21, 2024​.

This has been particularly evident in microfinance loans, credit card debt, and unsecured consumption loans​ he said.

This move is part of the RBI's broader strategy to ensure that NBFCs and MFIs operate within a framework that protects consumers, especially in the context of small-value loans.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Sayan Sen

Category: StartupsEconomyBusiness

Markets: India

Topics: Practices Policy Finance Been Finserv Loan Nbfcs Regulatory Privacy Lending Navi

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-17 @ 13:12:47 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: yourstory.com

Language: English

Article Length: 323 words

Reading Time: 2 minutes read

Sentences: 22 lines

Sentence Length: 15 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © YourStory

News ID: 23103106

View Article Analysis

About YourStory

Main Topics: StartupsEconomyBusiness

Official Website: yourstory.com

Update Frequency: 25 posts per day

Year Established: 2008

Headquarters: India

News Last Updated: 11 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #44

Publisher Details

Frequently Asked Questions