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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, with a 10% holding of the world's gold reserves, according to the World Gold Council. 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.