........There is some opaqueness about how many gold loan financiers decide interest rates or auction pledged jewellery, but all that is set to change. The Reserve Bank of India (RBI) will, in the next few days, make public the recommendations of an expert panel headed by K.U.B.Rao that, if accepted, could radically change the way Indian gold loan companies function and treat their customers, according to an RBI official, who did not want to be identified. The panel has made critical recommendations to encourage commercial banks and NBFCs to use tonnes of idle gold for productive purposes, while simultaneously stipulating strict norms for disbursing gold loans by NBFCs......
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