The year-on-year growth in loan against gold jewellery of banks has declined to 15% in February from 26% in June 2023, according to the Reserve Bank of India data.
"Due to the sharp rise in the prices over the last one year, individuals are now purchasing less gold. This means they have less quantity to pledge," head of consumer banking of a private bank told FE.
"Banks are facing competition from gold loan companies and fintechs especially in semi-urban and rural areas," he added.
Gold prices have seen a sharp rally in past one year mainly driven global factors such as expectation of a rate cut by the US Fed and increased buying by global central banks.
Denne historien er fra April 11, 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 April 11, 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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