Indian gold finance cos up; cbank allows them as banking correspondents

Jun 25 2014, 11:08 IST
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SummaryShares of Indian finance companies which provide loans against gold rally after the central bank...

Shares of Indian finance companies which provide loans against gold rally after the central bank on Tuesday allowed banks to engage non-deposit-taking non-banking finance companies as banking correspondents for financial inclusion.

Manappuram Finance Ltd surges 4.7 percent while Muthoot Finance Ltd gains 2.5 percent.

Working as banking correspondents provides a strong fee income opportunity for these non-deposit-taking lenders.

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