RBI drops corrective action plan imposed on Religare Finvest
RBI drops corrective action plan imposed on Religare Finvest
It was implemented in January 2018, after observing irregularities in 2017
The Reserve Bank of India (RBI) has lifted the Corrective Action Plan (CAP) imposed on Religare Finvest Ltd (RFL), a subsidiary of Religare Enterprises, after the company complied with the norms.
In a regulatory filing, Religare Enterprises stated, "RFL is in receipt of a 23 July 2025 letter from the RBI, withdrawing the conditions imposed under CAP on RFL with immediate effect.”
The firm added that there was a change in management and directors of the company.
Early this year, the Burman family acquired a controlling stake in REL after the completion of the open offer and was designated its promoter.
The acquisition was made through Burman family-owned entities M B Finmart Private Limited (MFPL), Puran Associates Private Limited (PAPL), VIC Enterprises Private Limited (VIC), and Milky Investment & Trading Company (MITC).
