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RBI has removed the restrictions imposed on IIFL Finance's gold loan business with immediate effect. RBI gave this information on 19 September (today). The company says that gold loan will start again as per the laws and regulations. The company's stock fell 6 percent on Thursday and closed at Rs 497.
Before you go, let us tell you that the Reserve Bank of India (RBI) had taken strict action in March 2024 and banned the gold loan business of IIFL Finance.
RBI has taken this action due to material supervisory concerns. However, the company will continue to service its existing gold loan portfolio.
Then RBI had said that if satisfactory results come after the special audit then IIFL Finance can be given relief.
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