EPS urges withdrawal of new rules for jewellery loans

Tamil Nadu : AIADMK general secretary and leader of opposition Edappadi K. Palaniswami has urged the Reserve Bank of India to withdraw the new conditions imposed on jewellery mortgage loans. His statement on this: More than 80 per cent of India’s population is poor and middle class. All these are average people, who can survive by pledging their jewellery to nearby cooperative banks and commercial banks in an emergency. In this situation, the Reserve Bank of India has recently announced new rules for jewellery mortgage. Poor people will be badly affected by various new conditions. Therefore, keeping in mind the welfare of the people, the Reserve Bank of India should immediately withdraw these new conditions. He also said that the quality of gold coins purchased from private jewellery shops should be checked before granting gold loans. TTV Dhinakaran (AIADMK): The Reserve Bank has imposed several new restrictions to prevent irregularities in granting gold jewellery loans. While it is common for the poor, marginalised, traders and micro, small and medium enterprises to pledge gold jewellery for their immediate needs and then repay the money gradually, these new restrictions have caused serious discontent among them. While most of the farmers in Tamil Nadu pledge jewellery and depend on the money they earn for farming, they have expressed their anguish that these restrictions are designed to cripple their livelihood.