Key Points
Reserve Bank lifts ban on IIFL Finances 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...
The Reserve Bank had imposed the restrictions on the company's unit on March 4, prohibiting the NBFC from sanctioning, disbursing, or assigning/securitising/selling any of its gold loans...
IIFL came under regulatory scrutiny amid a crackdown on financial firms.RBI had instructed it to halt new gold-backed lending due to material supervisory concerns..
The lifting of the ban comes as a big relief for IIFL, a major player in the gold loan segment, just ahead of the kick start of the festive season that sees a rush for loan demand...
