Religare Finvest Limited (RFL) has successfully cleared all its debts with external lenders, resolving all legacy issues, and is Ready for Business. The debt resolution initiative has resulted in RFL clearing the default status and making it ready for fresh lending business.
Through collections and with the support of REL, the Company completes repayment of over Rs 9,000 crores to the country’s banking system. Through the One-Time-Settlement (OTS), RFL completed the debt repayment of Rs 2178 crore to 16 external lenders on 8th March 2023, ahead of schedule.
This debt resolution marks the culmination of management’s efforts to address legacy issues stemming from misconduct and funds siphoning off from Religare by the erstwhile promoters of REL. With the external debt settlement completed, RFL is ready to resume operations with renewed vigor and strategic clarity, aiming to carve a niche in the Micro and Small Enterprise (MSE) lending segment subject to the removal of CAP placed by RBI.
