RBI has approved the acquisition of the fraud-hit Aviom India Housing Finance by the Areion Group for ₹936 crore, marking a milestone in the company's insolvency resolution process.
The RBI has also granted 'fit-and-proper' approval to Manish Lalwani, the promoter of the Areion Group. It is to be noted that this approval is mandatory for changing the control of a regulated financial institution.