IIFL Finance's co-lending partner banks for gold loans are reviewing the arrangements and exploring various options, including inorganic routes, to grow the gold loan book.
This follows the Reserve Bank of India's (RBI's) restrictions on non-banking financial companies (NBFCs) from engaging in gold loan business.
The RBI on Monday debarred IIFL Finance from sanctioning and disbursing fresh gold loans with immediate effect, citing "material supervisory concerns" to safeguard the interests of customers. Some of its co-lending partners for gold loans include Canara Bank, DCB Bank, and DBS Bank.
IIFL Finance, among the top two NBFCs in the gold loan business, possesses a gold loan portfolio of ₹24,692 crore, constituting 32 per cent of its loans, valued at ₹77,444 crore at the end of Q3FY24.
The co-lending pay out under the gold loan product was ₹4,123 crore (37.2 per cent of the total co-lending portfolio) as of December 31, 2023.
The share of co-lending in the gold loan business was 24.3 per cent of assets under management as of December 2023.
هذه القصة مأخوذة من طبعة March 08, 2024 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة March 08, 2024 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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