Manappuram Finance Limited — Important, 18-10-2024: General Updates

Manappuram Finance Limited announced that its subsidiary, Asirvad Micro Finance Limited (AMFL), is prohibited from sanctioning or disbursing loans effective from October 21, 2024, due to excessive lending rates and non-compliance with RBI regulations. While AMFL can still service existing customers and collect payments, the company is addressing the RBI's concerns to resume normal operations. The restrictions will be reviewed once AMFL takes corrective actions to comply with regulatory guidelines.