RBI Sets Rules for Loan Against Gold Intended for Non-farm Use
Mumbai: The Reserve Bank of India (RBI) on Tuesday said loans for non-agricultural purposes backed by pledges of gold ornaments and jewellery had to have a loan-to-value ratio of 75 per cent against the pledged items.
The tenure of such loans could also not exceed 12 months, the RBI said in a statement on Tuesday.
Lenders would be allowed to make their own decisions on the ceiling amount for such loans, the apex bank further said.
Copyright @ Thomson Reuters 2014
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