IIFL Finance will not disburse new gold loans until further notice, according to a March 4 RBI supervisory press release. However, the circular allows the company to continue servicing existing loans and customers, with its gold loan branches open and staff available to serve customer needs. IIFL Finance claims its gold loan branches will remain open as usual and staff will be available to serve existing customer needs on priority.
IIFL Finance, a gold loan business in India, operates 2,721 branches across 25 states and Union Territories, catering to over 19 lac unbanked and underbanked small entrepreneurs in rural and semi-urban areas who lack easy access to the formal banking system, urging customers to avoid rumors or misleading information. IIFL Finance said, “These are operational issues and we are fully committed to comply with all the guidance of RBI. We appreciate your support and trust in us. There are no ethical or governance issues with IIFL Finance.”
IIFL Finance, India’s largest retail-focused non-banking finance company, is fully operational in home loans, microfinance, and business loans. With loan assets under management of Rs 78,000 crores, the company celebrates the success of small entrepreneurs in India, contributing to the economy and job creation.
