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RBI flags irregularities in gold loan industry
RBI flags deficiencies in gold loan practices, asks lenders to take remedial measures in 3 months
The deficiencies were observed during a recent review of lenders’ adherence to prudential guidelines as well as practices with regard to gold loans
RBI Flags Irregular Practices in Gold Loan Sector, Calls for Immediate Reviews
The Reserve Bank of India (RBI) has identified irregular practices in the gold loan sector, highlighting deficiencies in loan sourcing, valuation, and monitoring. The bank advised lenders to conduct comprehensive reviews and close gaps within three months,
RBI points out irregularities in gold loans, directs lenders to review policies
According to a statement released by the RBI on Monday, the central bank has stressed the need to take immediate corrective steps to ensure compliance with the guidelines and should also protect customers' interests.
RBI directs gold loan providers to review policies and practices
Move comes after several irregularities like rolling over of loans, evergreening of loans, and non-categorisation as NPAs were found
RBI Flags Irregular Practices in Gold Loan Granting
The Reserve Bank of India has identified irregular practices in gold loan pledges and has advised supervised entities to review their policies and processes. Actions should be taken promptly to address these gaps.
RBI finds irregularities in grant of gold loans, asks lenders to fill gaps
RBI flags irregular practices in gold loans by SEs, directs comprehensive review and remedial measures in timebound manner.
RBI Finds Irregular Practices In Loans Against Pledge Of Gold Ornaments, Entities Advised To Review Policy
Against that backdrop, RBI said that the gold loan portfolio should be closely monitored, especially in light of significant growth in the portfolio in certain entities.
RBI finds irregular practices in grant of gold loans; asks lenders to review policies
The Reserve Bank of India (RBI) on Monday asked gold loan financiers to review policies, processes and practices while offering such loans. The central bank’s direction came after it found major deficiencies in loans offered by supervised entities (SEs) against pledge of gold ornaments and jewellery.
RBI finds irregular practices in gold loans, asks lenders to review policies, monitor portfolio
The major deficiencies include shortcomings in use of third parties for sourcing and appraisal of loans, valuation of gold without the presence of the customer, inadequate due-diligence and lack of end-use monitoring of gold loans and lack of transparency during auction of gold ornaments and jewellery in case of a default,
RBI flags evergreening, unethical lending practices in gold loans
RBI flags irregularities in gold loan practices, warns of supervisory action for non-compliance with guidelines.
RBI flags irregular practices in gold lending, calls for immediate action
The RBI's review highlighted multiple areas of concern among commercial banks, non-banking financial companies (NBFCs), and cooperative banks regarding their gold loan operations.
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Small finance banks' reliance on high-cost deposits a concern: RBI
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Current account deficit widens to $9.7 bn in April-June quarter: RBI
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Brendan Donovan homers, hits RBI single as Cardinals beat Giants 6-1 in season finale
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RBI to keep repo rate at 6.50% in October, cut by 25bps in December: Reuters poll
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Managing inflation: RBI's MPC has faced external challenges since inception
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