New Delhi: IIFL Finance's shares surged more than 13 pc on Friday following the announcement that RBI has removed restrictions on its gold loan business. The stock rose by 13.39 pc to reach Rs 560.50 on the BSE. Shares of the company at the NSE jumped by 13 percent to reach Rs 560.60.
On March 4, 2024, limitations were put in place that forbade the company from approving, distributing, or transferring any of its gold loans. IIFL Finance reported in a regulatory filing on Thursday that the Reserve Bank of India (RBI) has removed the limitations on its gold loan business, as per the communication dated September 19, 2024.
The company can now continue with gold loan activities such as sanctioning, disbursal, assignment, securitisation, and sale in accordance with all applicable laws and regulations as per the RBI's immediate decision. IIFL Finance stated that the company remains dedicated to maintaining the utmost compliance standards and will keep ensuring the sustainability of the remedial actions taken.
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