RBI directs gold loan lenders to monitor portfolios after irregularities

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RBI directs gold loan lenders to monitor portfolios after irregularities - Business Standard

Quick Summary:

Further, there was a lack of a specific identifier for top-up gold loans in the core banking system/loan processing system, mostly to facilitate the evergreening of loans.

Also, the RBI observed that the share of gold loans disbursed in cash was high in some entities and the statutory limit specified under the Income Tax Act, 1961, on cash disbursal was not adhered to in many cases.

The central bank also found breaches in the loan-to-value ratio, significant disbursements and collections of loan amounts in cash far in excess of the statutory limit, non-adherence to the standard auction process, and lack of transparency in charges on customers.