Reserve Bank of India lifts restrictions on IIFL Finance's gold loan operations after March ban.
The Reserve Bank of India has lifted restrictions on IIFL Finance's gold loan operations, which had been imposed in March due to supervisory concerns. The ban significantly impacted the company's assets, reducing them by over 50%, and led to potential credit rating downgrades. The company’s workforce in this sector has also decreased from 15,000 to 12,000, and layoffs of over 9,000 employees are possible if issues persist.
September 19, 2024
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