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IIFL liquidity crunch after RBI curbs
The Morning Standard
|May 07, 2024
AFTER the recent Reserve Bank action on IIFL Finance's gold loan business, the group is staring at liquidity crunch as bankers are shy of both releasing the already sanctioned credit lines, as well as agreeing to look at fresh sanctions.
On March 4, the RBI had ordered the company, majority owned by the Indian-origin Canadian businessman Prem Watsa, to stop sanctioning, disbursing and selling new gold loans, citing "material supervisory concerns" in its gold loan portfolio. Right before the RBI, the NBFC had nearly 1,200 crore of line of credit sanctioned and since then it could draw down only ₹570 crore.
This story is from the May 07, 2024 edition of The Morning Standard.
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