• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

RBI Bars IIFL Finance From Sanctioning Or Disbursing Gold Loans

OMMCOM NEWS by OMMCOM NEWS
March 4, 2024
in Business

Mumbai: The Reserve Bank of India (RBI) on Monday directed IIFL Finance Ltd. to stop sanctioning or disbursing gold loans or assigning/securitising/selling any of its gold loans with immediate effect.

The company can, however, continue to service its existing gold loan portfolio through usual collection and recovery processes, the RBI said.

The RBI said its inspection of IIFL’s financial position has revealed material supervisory concerns 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, and at the time of auction upon default.

The inspection also showed breaches in the loan-to-value ratio; significant disbursal and collection of loan amount in cash far in excess of the statutory limit; non-adherence to the standard auction process; and lack of transparency in charges being levied to customer accounts by the IIFL.

These practices, apart from being regulatory violations, also significantly and adversely impact the interest of the customers, the RBI pointed out.

Over the last few months, the RBI has been engaging with the senior management and the statutory auditors of the company on these deficiencies; however, no meaningful corrective action has been evidenced so far. This has necessitated the imposition of business restrictions with immediate effect, in the overall interest of the customers, the RBI said.

These supervisory restrictions will be reviewed upon completion of a special audit to be instituted by the RBI and after rectification by the company of the special audit findings and the findings of RBI Inspection, to the satisfaction of the central bank.

This business restriction is without prejudice to any other regulatory or supervisory action, which may be initiated by the RBI against the company, the central bank statement added.

Tags: Reserve Bank of India
ShareTweetSendSharePinShareSend
Previous Post

Govt Cuts Warehouse Charges To Help Farmers

Next Post

Keen To Observe India’s General Elections Firsthand: Australian Envoy

Related Posts

Adani Group
Business

‘Baseless, Mischievous’: Adani Group Denies Report Of US Probe Into Alleged Iranian LPG Links

June 2, 2025
Business

India, Japan Agree On Deepening Maritime Ties

June 2, 2025
Business

India’s Coal Production Rises 3.4 Per Cent To Cross 86 Million Tonnes In May

June 2, 2025
Washington, DC : Prime Minister Narendra Modi in a bilateral meeting with Tesla CEO Elon Musk at Blair House, in Washington, DC on Thursday, February 13, 2025. (IANS)
Business

Tesla Has To Manufacture In India, PM Modi And Elon Will Work It Out Soon: Errol Musk

June 2, 2025
Business

Way To Go: Elon Musk’s Father Errol Hails India’s Electric Car Scheme

June 2, 2025
Business

India Inc Posts Stable Q4 Performance Amid Global Headwinds: Report

June 2, 2025
Next Post

Keen To Observe India's General Elections Firsthand: Australian Envoy

Plastic-Ban

Govt Bans Single-Use Plastic Inside Sanctuaries From April 1

delhi high court

Delhi HC Issues Notice On Wrestlers' Plea Against WFI Elections

Khimji
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.