No gold loans in co-operative banks
Posted on: 15/Jul/2020 4:30:30 PM
All the co-operative banks in Tamil Nadu have stopped providing gold loans. The order for this amendment has been sent across through word of mouth rather than a written order.
Procuring loans by mortgaging gold is very common in all the co-operative banks across the state. These types of loans stood helpful for many families during the financial grudges of COVID lockdown. At this juncture, the government has ordered to curb the procurement of gold loans from co-operative banks.
When the authorities of co-operatives asked, they said that, the order for this has been sent through mobile text messages and through calls and not through written orders from the government. The applications to process gold loans have been ceased. Hence, the gold loans shall not be provided until a reorder has been sent from the government.
In addition to the public people, various political parties and other professionals have shown their disagreement with this cancellation.
