| Date: |
28-05-2013 |
| Subject: |
RBI imposes restrictions on bank loans against gold |
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MUMBAI: In a bid to curb demand for gold, the Reserve Bank of India imposed restrictions on banks and NBFCs on Monday for providing loans against gold coins as well as units of gold ETFs and mutual funds.
"... it is advised that while granting advance against the security of specially minted gold coins sold by them, banks should ensure that the weight of the coin does not exceed 50g per customer," RBI said in a notification to banks.
Also banks have been asked to ensure that the amount of loan to any customer against gold ornaments, gold jewellery and gold coins (weighing up to 50g) should be within the board approved limit.
Source : timesofindia.indiatimes.com
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