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IIFL Finance implements corrective actions after RBI's special audit
The Business Guardian
|June 17, 2024
IIFL Finance, which caught the eyes of the Reserve Bank of India (RBI) for the significant irregularities in its gold loan portfolio, said it has taken necessary measures to address the identified concerns and prevent their recurrence.
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The company has formed a team to implement corrective actions and revise policies and procedures, IIFL Finance added in a statement.
In early March this year, RBI directed the company to stop sanctioning or disbursing new gold loans or assigning, securitising, or selling any of its gold loans.
Explaining the rationale behind this move, RBI had indicated that certain "material supervisory concerns" were observed in the company's gold loan portfolio.
Serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans were also observed.
The regulator initiated a special audit by an independent professional agency, which commenced on April 23, 2024, which has concluded.
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