IIFL Finance said that it continues to serve its existing gold loan customers without any interruptions and the customers’ gold is safe in IIFL Finance’s lockers. As per a RBI supervisory press release dated March 4, the company will not disburse new gold loans until further notice. However, the RBI circular allows IIFL Finance to continue service existing loans and customers without any hindrances.
IIFL Finance said its gold loan branches will remain open as usual and staff will be available to serve existing customer needs on priority. IIFL Finance said, “We would like to further reassure you that your loan is completely safe with us and you have no reason to worry.”“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 has requested its gold loan customers to stay away from any rumor or misleading information from any source. IIFL Finance’s gold loan business is present across India in 25 states and Union Territories though 2,721 branches. IIFL Finance’s gold loan caters to over 19 lac unbanked and underbanked small entrepreneurs in rural and semi-urban areas, who don’t have easy access to the formal banking system.