Religare Finvest approaches RBI for PCA removal
Financial Express Mumbai|August 30, 2023
RELIGARE FINVEST, THE non-banking finance company (NBFC) subsidiary of Religare Enterprises, has approached the Reserve Bank of India (RBI) to be removed from the stringent prompt corrective action (PCA) list, Religare Enterprises executive chairperson Rashmi Saluja told FE.
PIYUSH SHUKLA
Religare Finvest approaches RBI for PCA removal

"We have requested RBI to consider position our wherein we have settled dues with all our secured lenders, therefore removing RFL from the corrective action plan. We expect that our request will be considered favourably and that the company can come out of PCA in the next couple of months," Saluja said.

She added that Religare Finvest has completed the One-Time-Settlement (OTS) with all its 16 lenders on March 8 by making a full and final payment of ₹400 crore, ahead of the three-month deadline as per the settlement agreement with the lenders dated December 30, 2022.

A settlement with only one lender is pending, she says, for which talks are in progress.

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