Action against banks, NBFCs if they violate gold auction norms: Sitharaman

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Action against banks, NBFCs if they violate gold auction norms: Sitharaman - Business Standard

Quick Summary:

Finance Minister Nirmala Sitharaman on Monday said action will be taken in case there are violations of well laid down processes for auctioning of gold by banks and NBFCs when a borrower fails to pay the gold loan.

There are very well laid down and tight processes in place for auctioning of gold by NBFCs and banks in case a borrower fails to pay the gold loan.

During Question Hour in Lok Sabha, she said Non Banking Financial Companies (NBFCs) and Scheduled Commercial Banks (SCBs) are guided by similar rules.