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.
Evergreening concerns: RBI puts business restrictions on Edelweiss ARC, ECL Finance indianexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indianexpress.com Daily Mail and Mail on Sunday newspapers.
Shares of Edelweiss Financial Services tanked over 17% in early deals today after the Reserve Bank of India (RBI) on May 29 announced supervisory actions against ECL Finance and Edelweiss Asset Reconstruction Company, citing material supervisory concerns. The banking regulator directed ECL Finance Ltd (ECL) to cease and desist, with immediate effect, from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/ or closure of accounts in its normal course of business.
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.