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RBI Order: A maximum cash loan of only Rs. 20000 to be given on jewels
Posted on: 13/Mar/2017 3:12:13 PM
The Reserve Bank of India has recently released an order that a maximum cash loan of only up to Rs. 20000 can be given based on pledging jewelry. Any amount in excess of Rs. 20000/- has to be given in cheque.
RBI has released this order as one of the measures to encourage cashless financial transactions.
Earlier, this limit of maximum cash loan on jewelry was Rs. 1 Lakh. Now, RBI has reduced it to Rs. 20000.
The Director of Muthoot, Mr. George has expressed that this order is a shocking step. The average loan per person given by Muthoot varies only from Rs. 35000 to Rs. 40000 . As such, this new RBI order would put the small loan applicants to great hardships.
Following the RBI order, the share prices of the non-banking financial sector including jewellery-based lending agencies went down steeply. The stock market experts have advised the public to be cautious of these shares
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