Reserve Bank of India (RBI) has imposed business restrictions on two entities of the Edelweiss Group, including ECL Finance Ltd (ECL) and Edelweiss Asset Reconstruction Company Ltd (EARCL), for circumventing regulations.
Emphasising that the potential of asset reconstruction companies (ARCs) for resolving stressed assets within the system can only be realised with sound governance and adherence to ethical practices by responsible ownership and professional management, Reserve Bank of India (RBI) says the boards of ARCs should ensure they do the right thing without needing the regulator to point it out to them.
On May 29, the central bank announced supervisory actions against ECL Finance Limited and Edelweiss Asset Reconstruction Company Limited citing material supervisory concerns
Edelweiss group | Reserve Bank imposes business restrictions on Edelweiss Group's lending and asset reconstruction arms telegraphindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from telegraphindia.com Daily Mail and Mail on Sunday newspapers.
The Reserve Bank of India on Wednesday imposed restrictions on Edelweiss Asset Reconstruction Company Ltd and group company ECL Finance Ltd on concerns related to ..