IIFL Finance starts special audit after RBI suspends its gold loan disbursements

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The RBI's supervisory action was prompted by concerns related to certain loan disbursement practices of the NBFC. Shares of IIFL Finance Ltd ended at ₹410.65, up by ₹1.84, or 0.45%, on the BSE.

Non-banking financial company IIFL Finance Ltd on Tuesday (April 23) announced the commencement of a special audit as directed by the Reserve Bank of India (RBI).

"In compliance with the requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the special audit directed by the Reserve Bank of India (RBI) has commenced as of today, April 23, 2024," according to a stock exchange filing.

This development follows the RBI's imposition of an embargo on March 4, 2024, suspending the disbursement of new gold loans by IIFL until the satisfactory completion of the audit. The RBI's supervisory action was prompted by concerns related to certain loan disbursement practices.

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In response to the directive, IIFL Finance reiterated its commitment to extending full cooperation to the special audit team. The company pledged to keep the stock exchanges and all relevant stakeholders informed about material developments concerning the progress of the audit.

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Shares of IIFL Finance Ltd ended at ₹410.65, up by ₹1.84, or 0.45%, on the BSE.

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