RBI imposes business restrictions on ECL Finance and Edelweiss Asset Reconstruction Company due to supervisory concerns.

The Reserve Bank of India (RBI) has imposed business restrictions on ECL Finance Ltd and Edelweiss Asset Reconstruction Company Limited due to material concerns observed during the course of supervisory examinations. The RBI directed ECL Finance to cease undertaking any structured transactions in wholesale exposures, except for repayment and closure of accounts, while Edelweiss Asset Reconstruction Company Limited (EARCL) must cease acquiring financial assets, including security receipts and reorganising existing security receipts.