Business Business: The Reserve Bank of India (RBI) has approved the introduction of gold loan facility for state-owned cooperative banks undergoing extensive financial reforms. Gold loan scheme will be started in Bihar State Cooperative Bank from December. After this, customers will be able to take 25 to 26 gold loans from all central banks in 23 regions from next financial year.
In this regard, Manoj Kumar Singh, Managing Director of Bihar State Cooperative Bank said that approval has been received from RBI for the Gold Loan Scheme. For the first time, people are benefiting from the gold loan program of the cooperative bank. The gold kept as collateral for the borrower should be in the form of jewelry or bars sold by the bank, however, the decision of the management of the cooperative bank to give or not give this loan is final. The special thing is that RBI guidelines make it very easy for rural branches of cooperative banks to give loans.
Women in particular will no longer lose their jewelry at the hands of goldsmiths and moneylenders who lend money to local people at exorbitant interest rates. From now on, people can get small loans from local branches of local central banks if needed. Salaried people, freelancers, freelancers, housewives and farmers and others can also avail the gold loan scheme. Banks also want to take advantage of this scheme
