NEWS & ADVICE : SAVINGS ACCOUNTS
Rules tighten by RBI towards loan against gold
By Vaibhav Aggarwal
Sep 18, 2013
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The RBI has recently stated that lenders need to find the value of the gold which is being pawned at a closing cost of 22 carat gold for the former of 30 days as cited by the Bombay Bullion Association Ltd. To land at the credit to value ratio. The loan against jewelry ration will stay at 60%.

In the recent notification given by the central bank, it stated that presently, there is no standard strategy for landing at the worth of gold acknowledged as guarantee and valuation is discretionary and hazy, Shares of Muthoot Finance Lid and Mannapuram Finance Ltd fell down heavily on Tuesday at 6.4 percent and 3.7 percent respectively

The central bank has also streamlined the methodology by which banks closeout gold when a borrower defaults, the lenders need to declare a store cost for the pawned ornaments. They would also need to take the approval of the RBI if they would have to take the approval if they want to open more branches after exceeding 1,000. However the new branches would not have sufficient storage space for the gold.


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