Speaking to the media after announcing the policy, the governor also said that financial stability is a joint responsibility of the regulator and the regulated entity. "We supervise all major entities. Wherever we see a problem, we first engage with the entity to see that corrective actions are taken. Where we see that the problems are huge or persistent only then we act," the Governor said.
Speaking to the media after announcing the policy, the governor also said that financial stability is a joint responsibility of the regulator and the regulated entity. "We supervise all major entities. Wherever we see a problem, we first engage with the entity to see that corrective actions are taken. Where we see that the problems are huge or persistent only then we act," the Governor said.
India Business News: New Delhi: IIFL Finance and JM Financial Products (JMFPL) will undergo a special audit to further probe their regulatory breaches, as the Reserve Bank.
The Reserve Bank of India has initiated special audits for IIFL Finance Ltd and JM Financial Products Ltd to further investigate regulatory breaches. The audits will be conducted by auditors appointed through a tender process, with firms empanelled by Sebi for forensic audit eligible to participate. The audits come after the RBI imposed restrictions on both companies earlier this month for non-compliance with regulatory guidelines. IIFL Finance was barred from sanctioning or disbursing gold loans, while JM Financial Products was restricted from providing financing against shares and debentures.
CareEdge, Crisil, and ICRA Ratings have placed IIFL Finance under rating watch following the RBI ban on giving new gold loans. Neither of the rating companies has revised the ratings of both finance companies.