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This is an archive article published on June 26, 2013

RBI tightens gold lending norms for RRBs

The Reserve Bank on Tuesday tightened norms for lending against gold coins

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The Reserve Bank on Tuesday tightened norms for lending against gold coins as well as units of gold ETFs and mutual funds by regional rural banks (RRBs) in a bid to curb demand. “…it is advised that while granting advance against the security of specially minted gold coins sold by banks,RRBs should ensure that the weight of the coin(s) does not exceed 50 grams per customer…,” a RBI notification said.

Earlier,the RBI had imposed similar restrictions on banks and NBFCs. RBI also asked RRBs that the amount of loan to any customer against gold ornaments,gold jewellery and gold coins (weighing up to 50 grams) should be within the Board approved limit.

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