"Compared to NBFCs, the gold loan portfolio of banks has grown at a faster pace. As the industry gets larger and more standardized, market share of banks will continue to increase. It will be like the housing finance segment where a large part of market share has moved to banks," said Sanjay Agarwal, senior director, CareEdge Ratings.
As of September, NBFCs held a 61% share in the gold loan segment while banks accounted for the remaining. Overall gold loan value rose to 2.5 trillion as on September 30, 2024, from 1.9 trillion as on March 2021, a report from Crisil Ratings showed.
Earlier this month, the RBI directed IIFL Finance to stop sanctioning, disbursing, assigning, securitising and selling any of its gold loan products. However, it can continue to service its existing gold loan portfolio through usual collection and recovery processes.
Subsequently, IIFL Finance has filed a compliance report with the RBI, which will start its audit on the company from April 12 after making some key systematic changes in the operating process.
Denne historien er fra March 26, 2024-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Denne historien er fra March 26, 2024-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
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