Dark side of Gold Loans
Publication details: New Delhi Living Media Ltd 2024Description: Vol 33 No 10 Pg 46-51Subject(s): In: Business todaySummary: The RBI asked the company to immediately stop its gold loan operations, which accounts for a third of its business. The reason the regulator found some major lapses in how company handled the gold loans. In February the association of Gold Loan Companies asked the RBI to investigate certain bank branches for breaking the rules governing how much money can be given against gold ornaments.The gold loans outstanding of banks and NBFC was 6.1 lakh crore as of F.Y. 23 per a Nirmal Bang report With the gold prices touching record highs, the demand for gold loan is expected to rise. Thus rules need to be tightened to protect small and underprivileged borrowers.| Item type | Current library | Status | Barcode | |
|---|---|---|---|---|
| Article | St. Francis Institute of Management and Research | Available | AR1101 |
The RBI asked the company to immediately stop its gold loan operations, which accounts for a third of its business. The reason the regulator found some major lapses in how company handled the gold loans. In February the association of Gold Loan Companies asked the RBI to investigate certain bank branches for breaking the rules governing how much money can be given against gold ornaments.The gold loans outstanding of banks and NBFC was 6.1 lakh crore as of F.Y. 23 per a Nirmal Bang report With the gold prices touching record highs, the demand for gold loan is expected to rise. Thus rules need to be tightened to protect small and underprivileged borrowers.
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