"Compared to NBFCs, the gold loan portfolio of banks has grown at a faster pace. As the industry gets larger and more standardized, market share of banks will continue to increase. It will be like the housing finance segment where a large part of market share has moved to banks," said Sanjay Agarwal, senior director, CareEdge Ratings.
As of September, NBFCs held a 61% share in the gold loan segment while banks accounted for the remaining. Overall gold loan value rose to 2.5 trillion as on September 30, 2024, from 1.9 trillion as on March 2021, a report from Crisil Ratings showed.
Earlier this month, the RBI directed IIFL Finance to stop sanctioning, disbursing, assigning, securitising and selling any of its gold loan products. However, it can continue to service its existing gold loan portfolio through usual collection and recovery processes.
Subsequently, IIFL Finance has filed a compliance report with the RBI, which will start its audit on the company from April 12 after making some key systematic changes in the operating process.
Diese Geschichte stammt aus der March 26, 2024-Ausgabe von Financial Express Mumbai.
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Diese Geschichte stammt aus der March 26, 2024-Ausgabe von Financial Express Mumbai.
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