……..RBI Deputy Governor Anand Sinha said the gold loan NBFCs had expanded in a very rapid manner and that led to underlying risks. “The predominant business for these companies is gold and they are relying on just one product. So there is a lot of concentration risk. What we have tried to do is to bring about some stability through our measures and also take care of customer issues. That is why the fair practice code has also been strengthend.” Sinha said there was no concern on banks’ direct lending against gold because banks were very diversified.………….
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