Shadow Bank for Indian Women to Delay IPO Amid RBI Lending Crackdown.

Arohan Financial Services Ltd., a shadow bank in India that primarily serves financially underserved women, is delaying its initial public offering due to regulatory crackdowns on lending practices by the Reserve Bank of India. The RBI instructed Arohan and three other shadow lenders to halt new loans because of high interest rates and violations of microfinance loan rules. Arohan's flagship loan targets groups of women with interest rates of 24.25%, ranging from 25,000 to 100,000 rupees for 24-30 months. Other shadow lenders affected include Asirvad Micro Finance Ltd., DMI Finance Pvt., and Navi Finserv Ltd., with Navi Finserv backed by Sachin Bansal of Flipkart. [Extracted from the article]