India cenbank bars four non-bank lenders from issuing loans for breaching norms
MUMBAI, Oct 17 (Reuters) -India's central bank on Thursday barred four non-banking finance companies (NBFCs) from sanctioning and disbursing loans, effective close of business on Oct. 21, due to non-compliance with norms, it said on Thursday.
The four NBFCs are Asirvad Micro Finance, Arohan Financial Services, DMI Finance and Navi Finserv, the central bank said in a release.
The NBFCs' pricing policy in terms of their weighted average lending rate (WALR) and the interest spread charged over their cost of funds were found to be excessive and not in adherence with regulation, the central bank said.
Reporting by Siddhi Nayak; Editing by Savio D'Souza
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