JM Financial : After the activity on Palm Payment Bank,
the blueish posture of the Reserve Bank RBI stiff constant. Last Monday, the Central Bank stopped IIFL from distributing gold loans
now it had imposed many restrictions on JM Financial.
Due to this, shares of these companies have dead by 20 percent. The Reserve Bank of India RBI was taking on the radar one after the other such fiscal companies which are violating the rules.
First a ban on the services of Palm Payments Bank as well as the banking unit of Palm, then sternness on the gold loan disbursing society IIFL and now on JM Financial, the finance society giving loans for IPO. Restrictions had been imposed.
After the activity of RBI, the shares of these two companies also scattered like Palm.
This society has come under the direct of RBI.
First of all, let us talk about JM Financial, the society which has come under the direct of RBI as well as on which the exchange bank had issued an order to implement all kinds of restrictions with prompt gist on the last trading day on Tuesday. RBI had taken activity against this fiscal society in the case of loans given to customers to help them bid in IPO.
After such cases came to light, the Central Bank had stopped this non banking finance society from providing any kind of fiscal aid in interchange for shares and debentures. This also includes loan commendation and dispersion along with IPO.
The society is shares slipped by 20%
After the activity of RBI,’ the same refuse was seen in the shares of JM Financial, which was earliest seen in Paytm’s lift society One97 Share and IIFL Share. JM Financial Share had dead by 20 pct to Rs 76.40 during early trading in the stock market.
However, during the last hour of trading, when the foodstuff dead reversed and entered the green mark, the fall of this stock also reduced to some extent. Despite this, after the foodstuff closed, JM Financial’s shares fell by 10.42 pct and closed at Rs 85.50.
A day earlier,
On Monday, RBI had also taken activity to ban gold loan on IIFL Finance society due to superordinate concerns. After investigation,’ the Central Bank had brusquely told this finance society to straightaway stop giving gold loans to the customers.
IIFL’s loan concern is Rs 77,444 core, of which 32 pct Rs 24,692 core is from gold loans alone. After the order of Gold Loan Ban, when the foodstuff opened on Tuesday, the shares of the finance society hit a lower enlistment of 20 pct and came to the level of Rs 477.75.
On Wednesday too as well as ‘ as soon as the foodstuff opened, a lower enlistment of 20 pct was hit in this stock and the share price came down to Rs 382.20…
This activity was taken on Palm Bank.
Before these two companies, on January 31, Reserve Bank of India had taken activity to ban Paytm’s banking unit Palm Payments Bank. Under this, the Reserve Bank had ordered regulative activity against Palm Payments Bank on non compliance and superordinate concerns.
It had asked the bank to stop deposits as well as transactions, paid and top ups in client accounts,’ wallets, FASTags, NCMC cards and had initially fixed February 29 as the date for implementing the ban, which was later extended to March 15, 2024. Was extended till.
Meanwhile, a huge refuse was seen in Palm Share…
Read here: JM Financial in RBI’s crosshairs after Paytm Payments Bank, IIFL Finance
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