Reserve Bank lifts ban on IIFL Finance's gold loan business
India's IIFL Finance says cenbank lifts curbs on its gold loan business
IIFL Finance said on Thursday that India's central bank has lifted the restrictions on the company's gold loan business, in what would be the removal of a key overhang on the lender. The Reserve Bank of India (RBI) in March ordered the company to stop offering gold loans,
RBI Lifts Restrictions On The Gold Loan Business Of IIFL Finance Limited
These restrictions were earlier imposed on March 04, 2024, which prohibited the Company from sanctioning, disbursing, or assigning/securitising/selling any of its gold loans.
RBI lifts gold loan curbs on IIFL Finance
RBI has lifted the restrictions on IIFL Finance's gold loan operations, effective immediately. These restrictions were placed in March due to irregularities in their gold loan business. IIFL Finance assures high compliance standards moving forward.
RBI lifts curbs on IIFL Finance
In an exchange filing, the company said, “the RBI's decision to lift restrictions is effective immediately and allows the company to resume sanctioning, disbursal, assignment, securitisation, and sale of gold loans in compliance with all relevant laws and regulations.
Reserve Bank lifts ban on IIFL Finance's gold loan business ahead of festive season
The private sector non-banking financial company (NBFC) said that the RBI's decision is effective immediately and allows it to resume providing gold loans, according to the regulatory filing.
RBI lifts six-month ban on IIFL Finance’s gold loan operations
The ban earlier this year was a response to certain compliance issues flagged by the RBI, aimed at ensuring that IIFL Finance aligned with regulatory standards.
RBI removes restrictions on IIFL Finance’s gold loan operations
The Company is committed to upholding the highest standards of compliance and will continue to ensure that the remedial actions taken are sustained,’ added IIFL Finance.
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