Regional rural banks can offer gold loans up to Rs 2 lakh
Posted on:17 Feb 2017 09:25:59
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17 February 2017 Current Affairs: Reserve Bank of India has raised the ceiling of gold loans given by regional rural banks (RRB) to Rs 2 lakh from Rs 1 lakh, expanding the access to credit for farmers and artisans willing to pledge gold as collateral.
RRBs with their 21000 branch network across country's rural belt play a significant role in farm credit and offer loans for various purposes against the security of gold or gold ornaments as a part of their lending policy.
RBI has doubled the gold loan ceiling for loans not exceeding 12 months from the date of sanction.
This facility comes with bullet repayment option. This means the loans will become due for payment only at the end of the tenure. But the interest will be charged at monthly rests.
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