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…