Rising gold loans show Modi government’s ‘utter incompetence’ in managing the economy, says Congress
3 weeks, 2 days ago

Rising gold loans show Modi government’s ‘utter incompetence’ in managing the economy, says Congress

The Hindu  

The Congress on Tuesday cited a report of the Reserve Bank of India to flag the rising gold loans, and claimed that the Indian economy is in the middle of a “Modi-made crisis”. In a post on X, Congress communications chief Jairam Ramesh said the RBI data of February pointed out that gold loans had jumped a whopping 71.3%. Gold loans crossed the ₹1 lakh crore mark for the first time ever,” Mr. Ramesh said in the post. The bad news for India's women… https://t.co/ORwrFK1466pic.twitter.com/bGJyF82mcf — Jairam Ramesh March 4, 2025 ‘Distress lending up’ The Congress leader claimed that bank credit in key sectors – from housing loans to car loans – had slowed down but distress lending such as gold loans was peaking.

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History of this topic

Gold loans under under scanner as RBI plans stricter norms for lenders: Report
3 weeks ago

Gold loans under under scanner as RBI plans stricter norms for lenders: Report

India Today  

Gold loans are under scrutiny as the Reserve Bank of India is planning to introduce stricter rules for banks lending against gold, reported news agency Reuters. This move is aimed at controlling the rapid growth of the gold loan segment, people familiar with the matter, including industry sources and those aware of the regulator’s views, told Reuters. The sources mentioned …

'Modi-made crisis': Congress blames PM as gold loans surge by 71.3%
3 weeks, 2 days ago

'Modi-made crisis': Congress blames PM as gold loans surge by 71.3%

Hindustan Times  

The Congress on Tuesday flagged the issue of rise in gold loans and claimed that the Indian economy is "deep in a Modi-made crisis". Citing the February RBI figures, Congress national secretary in-charge of communications Jairam Ramesh noted that gold loans had increased by an astounding 71.3%. Congress general secretary in-charge communications Jairam Ramesh cited the February RBI data and …

Congress targets Modi government over household indebtedness, says it ‘failed to acknowledge the crisis’
1 month ago

Congress targets Modi government over household indebtedness, says it ‘failed to acknowledge the crisis’

The Hindu  

Stepping up its attack on the Union government’s management of the economy, Congress president Mallikarjun Kharge on Thursday claimed that 100 crore Indians did not have any extra income to spend and Prime Minister Narendra Modi’s “version of Viksit Bharat empties ordinary Indians’ pockets and filled the coffers of select billionaires”. Addressing a press conference, party spokesperson Ajoy Kumar claimed …

All that glitters isn’t an auction of pawned gold—not even these days
3 months ago

All that glitters isn’t an auction of pawned gold—not even these days

Live Mint  

On the face of it, the spate of gold auctions being witnessed in India is the result of greater distress among those at the lower end of the income scale. In such a scenario, even after factoring in a post-covid K-shaped recovery—which refers to an uneven distribution of the benefits of growth across income categories—the shakeout now being seen in …

Gold loans glitter on personal loan crackdown, soaring prices
4 months, 2 weeks ago

Gold loans glitter on personal loan crackdown, soaring prices

Live Mint  

The regulatory clampdown on unsecured personal loans has given a fillip to loans against the yellow metal, with gold loans soaring in the last few months. Rising gold prices on the back of escalating global conflict and uncertainty have also aided demand for gold loans, as customers reassess the value of their collateral and seek more credit against it. “The …

India's Gold Loan Market To Double By 2029, Reaching Rs 14.19 Lakh Crore: PwC
7 months ago

India's Gold Loan Market To Double By 2029, Reaching Rs 14.19 Lakh Crore: PwC

News 18  

India’s organised gold loan market is projected to double in the next five years to Rs 14.19 lakh crore despite expected moderation in growth due to stricter regulations, said a PwC India report. In fiscal 2023-24, the organised gold loan market demonstrated substantial growth, reaching a valuation of Rs 7.1 lakh crore, according to the report titled ‘Striking gold: The …

Only operational issues, no ethical breach, says IIFL Finance
1 year ago

Only operational issues, no ethical breach, says IIFL Finance

Live Mint  

MUMBAI: IIFL Finance Ltd on Tuesday tried to assuage investor concerns, stating there were no governance lapses, after the Reserve Bank of India barred the non-banking financial company from offering any loans against gold. {{^adFree}} {{/adFree}} One of the issues flagged by RBI was “breaches in loan-to-value ratio", raising a question on whether IIFL indeed ascertains the value of gold …

Crushed by inflation, populace using loans to make ends meet: Congress
1 year, 5 months ago

Crushed by inflation, populace using loans to make ends meet: Congress

The Hindu  

Expressing concern over the economic trends emerging from the Reserve Bank of India’s October bulletin, the Congress on Wednesday alleged that a vast majority of Indians are suffering because of economic “mismanagement” by the BJP-led Centre. Congress general secretary Jairam Ramesh said the October bulletin “shows extremely concerning economic trends” as inflationary trends have remained above the RBI’s threshold level …

Gold loan companies may take time to shine
2 years ago

Gold loan companies may take time to shine

Live Mint  

Gold loan companies continue to struggle. In the December quarter, Muthoot Finance’s gold AUM fell by 0.6% on a sequential basis and Manappuram saw a second consecutive quarter of drop in gold AUM. View Full Image Mint “We expect gold AUM to rebound by Q1FY24, as lower interest rates offered by new age fintechs will lead to cash burn and …

This is a golden period for the gold loan industry: Umesh Mohanan
4 years ago

This is a golden period for the gold loan industry: Umesh Mohanan

Live Mint  

Lenders have seen a surge in demand for gold loans in the months following the covid-19 outbreak as small businesses and individuals facing cash flow problems borrowed heavily against the yellow metal. Therefore, the growth horizon is quite broad for the gold loan sector Several NBFCs are under the scanner for poor corporate governance and coercive lending practices amid the …

As lending crunch deepens, Indians rush to pawn gold for credit
5 years, 7 months ago

As lending crunch deepens, Indians rush to pawn gold for credit

India Today  

Refused a loan by a state-run lender and desperate for funds to buy cotton seeds before the summer sowing season window closed, Indian farmer Babasaheb Mandlik ran out of choices - he pawned his wife's gold jewellery. IIFL's gold loan portfolio stood at 65.83 billion rupees at the end of the June quarter, up 46 per cent compared to a …

RBI’s gold loan ban on expected lines
12 years, 4 months ago

RBI’s gold loan ban on expected lines

Live Mint  

The Reserve Bank of India’s ban on banks advancing loans to finance gold purchases in any form is not surprising. Increasing gold demand triggers alarm bells over India’s current account deficit.NextMAds According to World Gold Council data, demand for gold in India is recovering; it had remained subdued in the June quarter after the government doubled the import duty on …

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