Nirmal Jain IIFL

Analysts believe that these statements are mere allegations, which, at best, can trigger a knee-jerk reaction in the markets when they open for trade on Monday

IIFL Finance on Sunday reported a 6 per cent decline in consolidated net profit to Rs 431 crore for the March quarter as the RBI barred the financial services firm from undertaking gold loan business. The company had earned a net profit of Rs 458 crore in the same quarter a year ago. The Reserve Bank of India (RBI) on March 4 barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. Its consolidated total income during January-March 2024 rose to Rs 2,922 crore as compared with Rs 2,276 crore in the year-ago period, IIFL Finance said in a regulatory filing. Interest income of IIFL Finance offers a range of loans and mortgages increased to Rs 2,720 crore during the quarter, as against Rs 2,058 crore in the year-ago period. During the quarter, the gross non-performing assets (NPAs) increased to 2.3 per cent as against 1.8 per cent at the end

This follows the Reserve Bank of India's (RBI's) restrictions on non-banking financial companies (NBFCs) from engaging in gold loan business

India's economic environment is positive and liquidity has become 'fairly benign', he says

Nirmal Bhanwarlal Jain bought an additional 454,000 equity shares of IIFL Finance on Wednesday

Foreign portfolio investors, remain 'neutral' on India and that does not expect any material change in their flows for now, says the IIFL chairman

At a time when the IIFL is planning to reorganise and restructure its businesses, Jain shares vision, challenges and opportunities

Jain says long-term outlook for the Indian economy and markets is undoubtedly very positive and the country's rise is unstoppable