India's Manappuram Finance surges after central bank lifts ban on unit
The Reserve Bank of India (RBI) had in October barred four non-banking financial companies (NBFCs), which included Manappuram's unit Asirvad Micro Finance, from issuing loans due to "usurious" pricing and high markups. The central bank removed these restrictions with immediate effect on Wednesday, saying the companies initiated remedial measures and submitted compliance reports, satisfying the regulator. Manappuram's shares had fallen 21% to a more than one-year low following the ban, but recovered to pre-ban levels in December.