Page 3 - Gold Loan

IIFL Finance transfers stressed realty assets to ARC for Rs 575 crore

No plans to become BC for gold loan business

NBFCs' consumer, gold loan sanctions shrink sequentially in Q4FY24: FIDC

Personal loans also showed moderation, with sanctions by finance companies growing by just 1.4 per cent sequentially in Q4FY24

NBFCs' consumer, gold loan sanctions shrink QoQ in Q4 FY24 after RBI action

Regulator last year hiked risk weights for unsecured loans and put curbs on IIFL Finance, a large player in gold loan business

Gold price slips Rs 10, silver down Rs 100; yellow metal at Rs 72,370

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 66,490, Rs 66,340, and Rs 66,940, respectively

IIFL Finance Q4 results: Profit down 6% to Rs 430.6 cr on higher provisions

For FY24, its consolidated net profit rose by 23 per cent to Rs 1,974.2 crore from Rs 1,607.5 crore in FY23. Its NII rose by 38 per cent Y-o-Y to Rs 4,153.8 crore in FY24

Muthoot Finance diversifying loan book to make customers 'stick': MD

Firm will not sell gold loans to asset reconstruction companies as the RBI is 'not comfortable', says George Alexander Muthoot

RBI-appointed auditor completes the special audit of IIFL Finance

Finance firm facing curb on gold loan business

Muthoot Finance shares rise 4%, test record high post Q4; analysts upbeat

Muthoot Finance Q4: Muthoot Finance clocked its highest-ever consolidated loan asset under management (AUM) of Rs 89,079 crore in Q4FY24

Muthoot Finance Q4 results: Profit rises 17% to Rs 1,056 cr on loan growth

Muthoot's standalone loan assets under management increased 20% to Rs 75,827 crore for the year ended March 31

What will be the impact of the RBI's cash disbursal limit on gold loan?

The push for increased transparency and reduced cash transactions aligns well with the RBI's objectives, promoting a more secure and compliant lending environment

Muthoot FinCorp plans to reduce the share of its gold loan business

During the last financial year, the company reported its highest-ever loan disbursements with consolidated disbursements at Rs 61,703.26 crore, up by 18.60 per cent

Gold loan business is shining as regulatory scrutiny of sector grows

Recent RBI actions many increase companies' operational cost for but there is enough headroom for growth, say experts

RBI urges gold loan NBFCs to strictly comply with norms amid biz surge

RBI took stock of the gold loan business of non-banking finance companies after one of them - IIFL Finance faced regulatory restriction for violating norms

RBI's advisory will not affect Manappuram's business, says MD & CEO

The RBI recently advised NBFCs extending gold loans not to lend in cash exceeding Rs 20,000, citing the Income Tax Act

Muthoot Finance planning to raise funds using dollar-denominated bonds

Muthoot Finance is aiming to issue benchmark-sized bonds, which means the issuance will be around $500 mn

Muthoot Finance to raise Rs 500 crore through issue of five-year bonds

The company will pay an annual coupon of 9.03% on this issue and has invited commitment bids for the same on Thursday

Special audit starts at IIFL Fin after RBI restricted gold loan sanction

RBI's inspection had indicated a lack of adherence to the standard auction process and a lack of transparency in charges being levied on customer accounts

IIFL Finance to raise $152 million via share sale amid ban on gold loans

IIFL's gold loans under management stood at 24,692 crore rupees as of December 31

Margin concerns largely priced in for Muthoot, Manappuram Finance

Three NBFCs in gold financing have seen AUM growth on a quarter-on-quarter (Q-o-Q) basis for the gold segments over the last three quarters

Finmin asks PSU banks for comprehensive review of their gold loan portfolio

The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. "We have asked banks to undertake comprehensive review of the gold loan business," Financial Services Secretary Vivek Joshi told PTI. A directive in this regard was issued last month advising them to fix anomalies relating to collection of fees and interest and closure of gold loan accounts. The letter flagged various concerns, including disbursement of gold loans without requisite gold collateral, anomalies regarding collection of fees and repayment in cash. The DFS urged banks to undertake a thorough review of the last two-year period from January 1, 2022 to January 31, 2024 so as to ensure that all gold loans were disburse