IIFL Finance Undergoes Special Audit On RBI’s Direction

The special audit directed by India’s central bank at the non-bank lender IIFL Finance Ltd. started on 23 April.

The development comes after the Reserve Bank of India (RBI) on 4 March ordered the company to suspend the disbursement of new gold loans until the satisfactory completion of the special audit, IIFL said in a stock exchange announcement.

The measure was part of the RBI’s supervisory action over concerns related to certain loan disbursement practices.

“We are committed to extending full cooperation to the special audit team to ensure a comprehensive and thorough audit,” IIFL said.

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