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Banks are in wait-and-watch mode and have not been lending to IIFL for gold and its other businesses. The impact of the curbs is likely to be around Rs 500 crore.

An NBFC licence and a string of approvals give the fintech firm a fresh shot at relevance. But patchy execution, intense competition and a stagnant core cast doubt on whether it can capitalize on the opportunity.
The RBI’s unusually harsh order raises deeper questions about management credibility—and whether investors should take assurances at face value.
The regulator’s proposals to introduce checks and safety features in instant payments, if implemented, may end up testing banks.