Sahara, based in Lucknow, can accept new deposits that mature up to June 30, 2011, and must return funds to all its customers by 2015, the Reserve Bank of India said in a faxed statement yesterday. The order replaces a June 4 ban on accepting new funds for allegedly violating rules including failing to pay minimum interest rates.

India's central bank is tightening norms for consumer- finance companies that face less stringent regulations than banks. Sahara, which accepts deposits as low as 1 rupee (2 U.S. cents) a day from its 42.5 million customers, won the reprieve by offering to include more independent directors and appoint auditors from a panel suggested by the central bank.

``We always respect natural justice,'' Abhijet Sarckar, a spokesman for Lucknow-based Sahara, said in an e-mailed statement yesterday. ``We will go by the true spirit of the order.''

Sahara Housingfina Corp., a home lender that's also controlled by Subrata Roy's Sahara group of companies, rose 5 percent to 188.10 rupees in Mumbai today. Roy, who sold his airline division to Jet Airways (India) Ltd. last year for $346 million, also owns real estate and media assets.

The Reserve Bank issued the order following meetings with Sahara India officials on June 12 and June 16. The Supreme Court ordered the central bank on June 9 to provide the closely held company with additional hearings and review its initial ban.