Bank frauds increased to 18,461, amount involved spikes 8x in H1FY25: RBI
The amount involved in these frauds also jumped more than eight-fold to Rs 21,367 crore, RBI data said.
IIFL Finance reported 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.
Notably, for the same quarter last year, the company earned a net profit of Rs 458 crore. 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.
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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.
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On RBI’s action, the lender said it has taken necessary measures to address the identified concerns and prevent their recurrence.
The company has formed a team to implement corrective actions and revise policies and procedures, IIFL Finance added.
In early March this year, the RBI directed the company to stop sanctioning or disbursing new gold loans or assigning, securitising, or selling any of its gold loans.
Explaining the rationale behind this move, the RBI had indicated that certain “material supervisory concerns” were observed in the company’s gold loan portfolio.
IIFL’s gross non-performing assets (NPAs) increased to 2.3 per cent as against 1.8 per cent at the end of March 2025.
At the same time, the net NPAs also rose to 1.2 per cent from 1.1per cent at the end of fourth quarter of previous year.
Total Capital to Risk (Weighted) Assets Ratio (CRAR)stood at 19.7 per cent as on March 31, 2024, as against minimum regulatory requirement of 15 per cent , it said.
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