Excerpt
India’s gold loan market is expanding rapidly, projected to reach USD 124.45 billion by 2029. While this growth brings opportunity, it also increases risks such as fake or substandard gold, valuation errors, branch-level malpractices, and regulatory non-compliance. Internal audit teams in NBFCs and banks play a vital role in managing these risks—but manual or semi-digital audit practices often fall short. Traditional approaches involve multiple manual handoffs in data handling, communication, and reporting. These delays extend the resolution of issues, such as excess valuation, from 21–60 days, while also increasing costs, complexity, and the likelihood of errors.
How Audit360 Strengthens Gold Loan Audits
Audit360 brings a fully digital, end-to-endframework to gold loan auditing. Its mobile auditor app and auditee appsimplify evidence capture, branch reviews, and real-time issue resolution.Automated workflows eliminate repetitive data handling, while configurabledashboards provide management with instant visibility. Report preparation,which once took weeks, is completed in seconds.
Key Benefits Reported by Institutions
● Resolution ofexcess valuation issues in as little as 7 days
● Expanded auditcapacity without additional headcount
● Faster reportingand actionable insights
● Reduced overheadsand stronger controls at the branch level
● Net cost savingswithin one to two years of adoption
By digitizing every stage of the audit,including preparation, execution, issue resolution, and reporting, Audit360enables financial institutions to scale their gold loan portfolios withconfidence. It strengthens efficiency, improves control, and ensures compliancewhile safeguarding both growth and reputation.
.svg){kind=small}
