Tax sops for pledging gold, higher import duties, demands RBI
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It further said the financial performance of the gold loans NBFCs and the current level of their borrowings from the banking system are not of significant concern.
"Banks and NBFCs may continue to deliver gold jewellery loans, which monetise the idle gold in the country...It is time for consolidation of the operations of the gold loan NBFCs," the draft report said.
"The gold loan NBFCs need to transform themselves into institutions free of complaints, have proper documentation and auction procedures, with rationalised interest rate structure and have a branch network that is fully safe and secure," it said. RBI has sought comments on the report till January 18.