INSUBCONTINENT EXCLUSIVE:
IIFL Finance | Photo: Facebook2 min read Last Updated : Sep 19 2024 | 7:58 PM IST
Non-bank lender IIFL Finance on Thursday informed the
exchanges that the Reserve Bank of India (RBI) has removed the restrictions imposed on its gold loan business.
The regulator had imposed
curbs on the company for sanctioning or disbursing gold loans in March this year, citing supervisory concerns.
In its exchange filing,
imposed restrictions on IIFL Finance after observing deviations in assaying and certifying purity and net weight of gold at the time of
sanctioning loans and at the time of auction
The central bank also found breaches in the loan-to-value ratio, significant disbursements and collections of loan amounts in cash far in
2024, IIFL Finance informed the exchanges about the commencement of a special audit by the RBI.
IIFL Finance is one of the top two
non-banking finance companies (NBFCs) in the gold loan business
It had dropped 33 per cent year-on-year (Y-o-Y) and 37 per cent sequentially from March 30, 2024.
Gold loans are provided through its
2,775 branches across 25 states and 4 Union territories to salaried, self-employed, and the micro, small and medium enterprises (MSME)
customer segments.First Published: Sep 19 2024 | 7:06 PMIST
