Competition makes one think it's okay to break rules: IIFL's Jain

After RBI lifted its ban on IIFL Finance's gold loan operations, MD Nirmal Jain said one of the top learnings was that "you cannot cut corners with compliance". "Sometimes competition does things in certain ways which is a violation of compliance, and many people end up thinking that it's some kind of licence...to violate the norms," he added.