Mumbai: Credit rating agency Fitch Ratings has revised the outlook on IIFL Finance’s (IIFL) long-term rating to positive from stable, and affirmed the rating on IIFL’s senior secured debt at ‘B+’. The rating agency expects the company’s credit profile to improve over the next two years, particularly its business and risk profiles, asset quality and…
Gold prices climbed to fresh record highs on the Multi Commodity Exchange (MCX) on Tuesday, supported by a weaker dollar and expectations of a US Federal Reserve rate cut. According to market data from MCX, both gold and silver extended gains in early trade, reflecting firm demand in domestic and global markets. Gold and silver…
Mumbai: Former Reserve Bank of India deputy governor BP Kanungo is slated to join IIFL Finance as an independent director. The nomination committee of the Nirmal Jain-promoted non-banking finance company has proposed Kanungo’s name for the post, multiple people privy to the information said. The development comes about a year after the central bank banned…
The Reserve Bank of India (RBI) on Friday announced significant relief for small-ticket gold loan borrowers, raising the Loan-to-Value (LTV) ratio from 75 per cent to 85 per cent for loans up to Rs.2.5 lakh, including interest. The revised norms mean a borrower pledging gold worth Rs. 1 lakh can now avail a loan of…
Gold loan stocks rallied between 2-7% after RBI hiked the Loan-to-Value (LTV) ratio limit for gold loans below Rs 2.5 lakh, which will be revised to 85% from 75% as part of the latest norms. Shares of Muthoot Finance, Manappuram Finance, and IIFL Finance rallied upto 7%, 5%, and 5% respectively. Muthoot Finance is currently…