T The Reserve Bank of India (RBI) has asked non-banking financial companies (NBFCs) to strictly comply with norms regarding loan-to-value ratio, auction processes, and cash disbursement after discovering that some of these companies violated regulatory guidelines.
According to sources, the regulator assessed the gold loan business of NBFCs after one of them, IIFL Finance, faced regulatory restrictions for violating norms.
The gold finance companies' business recorded phenomenal growth since the pandemic, jumping from ₹34,678 crore in March 2020 to 1.31 trillion in March 2023, according to RBI data.
Last week, in a communication to gold loan NBFCs, the regulator instructed them not to disburse more than ₹20,000 in cash, citing provisions of the Income-Tax Act.
One concern was related to higher cash disbursements than the norms stipulate.
この記事は Business Standard の May 16, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Business Standard の May 16, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Pricing challenge may weigh on pharma stocks
The tailwind of low price erosion in the US generics market may be reversing slowly, caution analysts.
Kotak MF launches special opportunities fund
Kotak Mutual Fund (MF) on Monday announced the launch of Kotak Special Opportunities Fund.
Proposed norms may lead to big F&O churn
Analysts expect over two dozen exits, 75 entrants
Sensex, Nifty breach record levels but settle lower amid profit booking
Benchmark equity indices Sensex and Nifty ended lower on Monday after hitting their all-time high levels in early trade amid selling in blue-chip IT stocks and HDFC Bank.
Blackstone mops up ₹6,736 crore from 15.1% stake sale in Mphasis
Blackstone on Monday sold 15.1 per cent stake in mid-tier IT firm Mphasis via block deals.
ABSL MF quant fund to tap best ideas of top MFs
Aditya Birla Sun Life (ABSL) Mutual Fund (MF) has launched its quant fund, which will look to invest in top ideas of larger fund houses after filtering on the basis of quality and momentum factors.
Equity MFs saw record ₹34,000 cr inflows in May
Surge in investments spurred by rise in SIPS, HDFC MF NFO
Nabard may raise ₹30K cr via bonds in FY25: CRISIL
National Bank for Agriculture and Rural Development (Nabard) is planning to raise up to ₹30,000 crore through bonds in the current financial year (FY25) to support lending operations, according to rating agency CRISIL.
India may sustain 6.5-7% GDP growth between FY26 & FY30: UBS
India is expected to sustain a potential growth rate of 6.5 per cent -7 per cent year-on-year (Y-o-Y) between 2025-26 and 2029-30, UBS Securities said on Monday.
Address Manipur problem on priority, says RSS chief
Rashtriya Swayamsevak Sangh (RSS) chief Mohan Bhagwat on Monday expressed concern over peace eluding Manipur even after one year and said the situation in the strife-torn north eastern state must be considered with priority.
