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India eases gold lending rules | India eases gold lending rules |
(about 7 hours later) | |
India's central bank has increased the amount that finance companies can lend in return for gold deposits. | India's central bank has increased the amount that finance companies can lend in return for gold deposits. |
Under the new rules, non-banking finance companies (NBFCs) can lend up to 75% of the value of gold, from 60%. | Under the new rules, non-banking finance companies (NBFCs) can lend up to 75% of the value of gold, from 60%. |
The central bank revised the rules because their gold loan portfolios were showing only moderate growth. | The central bank revised the rules because their gold loan portfolios were showing only moderate growth. |
Lending against gold is a fast-growing business in the Indian economy, and the industry is valued at more than $20bn (£12bn). | Lending against gold is a fast-growing business in the Indian economy, and the industry is valued at more than $20bn (£12bn). |
India is placed 11th in the global ranking for gold holdings by central banks, with 8.4% of its reserves held in gold, according to the World Gold Council. |
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