00:00It is considered very easy to take a loan by mortgaging the gold lying at home.
00:09It is known as gold loan or loan in place of gold.
00:12Many companies work in this segment, one of which was banned and now RBI has removed the ban on the same company.
00:20Which is this company? What is it? Let's know the whole news in the video.
00:24In fact, the regulator of the banking sector, RBI, has given a lot of relief to IIFL Finance.
00:29RBI has taken back the ban on the gold loan business of IIFL Finance.
00:34The company has given this information to the stock exchanges in the regulatory filing.
00:39IIFL Finance told the stock exchange in the regulatory filing that the Reserve Bank of India has informed on September 19, 2024
00:48that the ban on the gold loan business of IIFL Finance Ltd. has been removed.
00:54On March 4, 2024, RBI banned the gold loan business of IIFL Finance Ltd. from selling or securitizing.
01:07The company told the exchanges that this decision of RBI has been implemented immediately.
01:13Under the rules and regulations, the company has been given permission to sell gold loans under the Diversion, Assignment, Securitization and Compliance.
01:24And the company can start it again.
01:27IIFL Finance said that the company is now banned from upholding the high standards of compliance.
01:33And it will ensure that the important steps that have been taken should be carried out in an orderly manner.
01:39Now let's tell you why RBI finally imposed this ban.
01:44On March 4, 2024, the Reserve Bank of India immediately banned the gold loan business of IIFL Finance.
01:53However, the company was given permission to continue the collection and recovery process from keeping the gold loan portfolio active.
02:03In its investigation, RBI found serious irregularities in gold purity and weight while approving the loan in the gold loan portfolio of IIFL.
02:13In the loan to value ratio, RBI also found a breach, after which this action was taken against the company.
02:21But now the ban has been removed.
02:23And if you want to take a loan in exchange for gold, you can apply through IIFL.
02:30That's all in the video. How did you find this information? Do tell us by commenting.
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03:00Thank you for watching it.
