RBI tightens norms for lending against gold jewellery

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Seeking to keep demand of gold under check, the Reserve Bank of India has tightened norms for loans against pledge of gold jewellery. (AP) Seeking to keep demand of gold under check, the Reserve Bank of India has tightened norms for loans against pledge of gold jewellery. (AP)
SummarySeeking to keep demand of gold under check, the Reserve Bank of India has tightened norms for loans against pledge of gold jewellery.

regard to auction, it said, it should be conducted in the same town or taluka in which the branch that has extended the loan is located.

While auctioning the gold, the NBFC should declare a reserve price for the pledged ornaments, it said, adding, this should not be less than 85 per cent of the previous 30 day average closing price of 22 carat gold as declared by BBA.

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