RBI lifts business restrictions on two Edelweiss Group entities
Reserve Bank of India (RBI) on Tuesday lifted the business restrictions imposed on two key entities of the Edelweiss Group, ECL Finance Ltd and Edelweiss Asset Reconstruction Company Limited, with immediate effect.
This decision comes after the companies implemented remedial measures to address supervisory concerns raised earlier.
On May 29, 2024, the central bank had invoked its powers under the Reserve Bank of India Act, 1934 and the SARFAESI Act, 2002, imposing specific business curbs on the two entities.
ECL Finance Ltd was directed to cease and desist from undertaking structured transactions related to its wholesale exposures, barring regular repayment or closure of accounts.
Similarly, Edelweiss Asset Reconstruction Company Limited was restrained from acquiring financial assets, including security receipts (SRs), or reorganising existing SRs into senior and subordinate tranches.
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