Tuesday, October 15, 2013

RBI tightens norms for lending against jewellery

The Reserve Bank of India (RBI) has asked NBFCs: -

  • To value gold received as collateral at the average closing price of 22-carat gold for last 30 days
  • Gold loan offering NBFCs to create safe storage infrastructure at all branches
  • NBFCs told to get RBI nod to expand gold loans beyond 1000 branches
  • NBFCs must keep records on verification of jewellery ownership
  • NBFCs told to stop ads promising gold loans in 2-3 minutes.


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