Despite the RBI discouraging consumers from buying gold, banks under its purview are enticing consumers with schemes to buy gold. For example, SBI group banks, including State Bank of Hyderabad and State Bank of Travancore, have devised special loan schemes to buy gold. These banks have tied up with over 37 jewellery retail brands across the country “of a certain standing” and offer loans to buy gold jewellery from these shops. The jewellery will be deposited with the bank till the consumer pays off the loan.......
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