RBI special audit over, necessary measures taken to address regulatory concerns: IIFL Finance

IIFL Finance announced on June 15 that it has addressed the Reserve Bank of India's (RBI) concerns following a special audit of its books. The audit report has been submitted to the RBI, which will decide on reviewing the imposed business restrictions. IIFL has raised Rs 1,271.3 crore through a rights issue, secured Rs 500 crore via NCDs, and implemented cost-control measures. The RBI had halted IIFL’s gold loans due to regulatory violations, including issues with gold purity assessments and Loan-to-Value ratios. IIFL Finance is confident in resolving all issues and maintaining robust capital adequacy.