Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.
RBI directs IIFL Finance to halt gold lending
The Reserve Bank of India (RBI) has directed IIFL Finance to immediately cease and desist from lending against gold. However, RBI has allowed the company to service its existing gold loan portfolio through the usual collection and recovery processes.The gold loan asset under management of the company has grown 35% year-on-year to INR 24,692 crore. Gold loan portfolio accounts for 32% of the total assets under management of the company in the December quarter.Certain material supervisory concerns have been reportedly observed in the gold loan portfolio of the company, including serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans.
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Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.