For IIFL, a special audit was required before the restrictions could be lifted, involving a detailed review of processes. In contrast, for Ashirvad Microfinance, the RBI has requested the submission of proof of compliance, not a full audit. Ashirvad needs to review its processes, make necessary adjustments, and provide documentation like policy changes and revised procedures. I feel This approach is less complex, so the ban is likely to be lifted more quickly than in IIFL’s case.
I expect less than 1 month
| Subscribe To Our Free Newsletter |
