RBI warned Srei group repeatedly, Kanoria says it complied every time

Srei was one of the few top NBFCs in constant 'asset quality review' focus of RBI, even as the regulator never used that term for NBFCs

The Reserve Bank of India (RBI) held “numerous meetings” with the senior management of the Srei group and followed up by letters advising compliance with various supervisory instructions, including improvement in corporate governance, before swinging into action to supersede boards of its two companies on October 4, according to sources close to the development.

In its letters to the group, the regulator raised issues about additional provisioning for divergence, infusion of fresh capital, meeting the qualifying asset criteria for Infrastructure Finance Company (IFC) status. Almost all the letters stressed rectifying corporate governance, sources say, on which the regulator had serious