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IIFL Finance barred from disbursing gold loans

Mumbai, March 4

The Reserve Bank on Monday barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal.

A leading financial services provider, IIFL Finance offers a range of loans and mortgages. The latest directions from the RBI pertain to only the gold loan business. The company can, however, continue to service its existing gold loan portfolio through the usual collection processes.

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