Relaxation on Gold-jewel loans restrictions: Reserve Bank announcement!
Posted on: 23/Jul/2014 4:48:52 PM
Reserve Bank of India has relaxed certain restrictions imposed on loans given for gold jewellery.
As per this, the concerned banks can decide the amount of loan (apart from agricultural related loans) to be given. Until now, there was a restriction (by RBI) of a maximum of Rs. 1 Lakh. There was additional stipulation that the loan duration should not be more than 12 months. Another restriction was the the loan amount should not exceed 75% value of the gold jewellery pledged.
