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RBI's special audit to probe regulatory breaches of IIFL Finance, JMFPL

Banking regulator seeks interest from Sebi-empanelled audit firms to conduct the audit

After RBI restriction, Fitch puts IIFL Finance on negative rating watch

"The move reflects a downside risk to IIFL Finance's franchise, profitability and overall risk profile if regulatory restrictions on new gold-backed lending are prolonged," Fitch said in a note

IIFL Finance to raise $242 mn via rights basis, non-convertible debentures

The company will raise the funds through the issue of shares on rights basis and non-convertible debentures via a private placement, it said in an exchange filing

Rating agency ICRA places IIFL Finance's long-term ratings under watch

Flags negative implications; may impact profitability

Have achieved full compliance with RBI requirements: IIFL Fin's A K Purwar

All concerns raised by the RBI pertain to operational and process-related matters, AK Purwar said

IIFL Finance board to consider fundraise on March 13 after RBI clampdown

IIFL Finance had said that Fairfax India had agreed to invest up to $200 million of liquidity support on terms to be mutually agreed upon and subject to applicable laws and regulations

IIFL, Manappuram, L&T Finance: These NBFCs can fall another 22%; here's why

Among the frontline NBFCs, Bajaj Finance looks interestingly poised, with the stock attempting to form a bottom following a 17 per cent decline since mid January, suggests technical chart.

IIFL Finance jumps 10% after 2-day losses on Fairfax fund's infusion plan

IIFL Finance is among India's top two NBFCs in the gold loan business. It has a gold loan portfolio of Rs 24,692 crore, which was 32 per cent of its total loans of Rs 77,444 cr, as at Q3FY24

IIFL Finance breaks key support post RBI ban; chart hints more pain ahead

With Tuesday's 20 per cent fall, IIFL Finance was seen trading below its 20-Month Average for the first time after a gap of 3 years. Chart suggests bias to remain weak below this particular level.

IIFL Finance slumps 20% post RBI ban on sanctioning, disbursing gold loans

he RBI observed deviations in assaying and certifying purity and net weight of the gold at the time of sanctioning loans and at the time of auction upon default

Stocks to watch: Tata Motors, M&M, IIFL Fin, NTPC, AU SFB, Godrej Agrovet

Stocks to track on 05, March 2024: The Reserve Bank of India has approved the amalgamation of Fincare Small Finance Bank with Jaipur-based AU Small Finance Bank

RBI bars IIFL Finance from sanctioning and disbursing gold loans

RBI has instituted a special audit and the restrictions will be reviewed after the completion of the audit

RBI prohibits IIFL Finance from sanctioning, disbursing gold loans

The Reserve Bank on Monday barred IIFL Finance with immediate effect from sanctioning or disbursing gold loans after certain material supervisory concerns were observed in its gold loan portfolio. IIFL Finance can, however, continue to service its existing gold loan portfolio through the usual collection and recovery processes, the RBI said in a statement. "The RBI has today...directed IIFL Finance Ltd to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans," it said. The RBI said an inspection of the company was carried out by it with reference to IIFL's financial position as of March 31, 2023. "Certain material supervisory concerns were observed in the gold loan portfolio of the company, including serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default...," it noted. These practices, apart from be

Zepto launches loyalty programme offering free delivery, discounts

Quick commerce firm's plan is expected to get one million users in a month

IIFL Finance net profit rises 29% to Rs 545 crore in December quarter

Non-bank lender IIFL Finance Wednesday reported a 29 per cent growth in net profit to Rs 545 crore for the December quarter on higher loan sales and resultant interest income, cushioning the impact of higher regulatory charges. Overall loan growth jumped 34 per cent to Rs 77,444 crore, led by its key products like gold and home loans, which grew 35 per cent and 25 per cent to Rs 24,692 crore and Rs 25,519 crore, respectively. Microfinance grew higher at 54 per cent to Rs 12,090 crore, digital loans soared 96 per cent to Rs 3,905 crore, and loans against property jumped 27 per cent to Rs 7,862 crore, the company said in a statement. Construction and real estate books stood at Rs 2,889 crore. Its total income grew 28 per cent to Rs 1,687.5 crore, the company added. The asset quality improved overall, with the gross non-performing assets ratio declining to 1.7 in the reporting period from 2.1 per cent and the net non-performing assets ratio declining to 0.9 from 1.1, said Nirmal Jain,

Shadow lenders decline after RBI tightened norms for investments by banks

Indian Shadow lenders declined after the nation's central bank tightened norms for investments by banks and other regulated entities into alternative investment funds to plug lending loopholes.

Angel One, Motilal: What do charts suggest for brokerage shares in 2024?

Angel One, Edelweiss Financial Services, Motilal Oswal Financial Services and IIFL Securities can potentially rally up to 24 per cent in 2024, suggest charts.

Blackstone to exit embassy office parks in biggest India block sale in FY24

Affiliates of Blackstone Inc. are seeking to exit India's Embassy Office Parks REIT in an $833 million deal that will be the country's biggest block trade this year

SAT sets aside market regulator Sebi's order against IIFL Securities

Sebi alleged that IIFL Securities failed to segregate clients' funds and mixed its own funds with it

Next year will be equally robust for IPOs: IIFL Securities' Nipun Goel

Goel says that the increased focus on profitability and reasonable pricing underpins demand for IPOs