Investors in IIFL Finance Ltd have found some relief following the completion of the Reserve Bank of India’s (RBI) special audit. However, the damage to the company’s Q4FY24 earnings and brand image has already been done. The RBI had observed several regulatory breaches in IIFL’s gold loan portfolio, which comprised 30% of its consolidated assets … Read more
Shares of gold financing companies – Muthoot Finance, and Manappuram Finance – were trading under pressure on Thursday after the Reserve Bank of India (RBI) sent the companies an advisory concerning cash disbursal of loans. The RBI has instructed Non-Banking Financial Companies (NBFCs) to strictly follow the provisions of the Income Tax Act regarding cash … Read more
Presently, India finds itself amidst a favourable convergence of macro and micro factors, including subdued inflation rates, stable crude oil prices, decreasing 10-year G-sec yields, a steady currency, and robust corporate earnings. In the short term, market movements will likely be influenced by two main factors: The results of the upcoming Lok Sabha elections scheduled … Read more
Mumbai: IIFL Finance has taken several corrective measures to set its house in order after Reserve Bank of India’s diktat to stop disbursing gold loans. The non-bank lender has announced a capital raising plan to boost its capital adequacy and also changed its board and management to improve governance and compliance. In an exchange filing … Read more