 "RBI withdraws conditions on Religare Finvest under Corrective Action Plan")
Religare Finvest, a wholly owned subsidiary of Religare Enterprises, on Wednesday said the Reserve Bank of India (RBI) has withdrawn the conditions imposed on it under the Corrective Action Plan (CAP), with immediate effect.
“It is advised that the Bank (RBI) has noted the company's compliance towards adherence to the CAP conditions. Further, there has also been a change in management and directors of the company,” the RBI said in its letter to the company.
As a result, the RBI has decided to withdraw the conditions imposed under the CAP with immediate effect. The central bank added that the company is, however, advised to remain in compliance with all prudential requirements.
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