In the past two quarters after the Reserve Bank of India (RBI) capped the loan-to-value, gold loan non-banking financial companies (NBFCs) have de-grown their book sizes and just the two major players have lost a business of over Rs 9,000 crore. However, banks, which have been active in the gold loan space, do not seem to have benefitted much from this. Instead, the unorganised moneylenders and pawn brokers are the ones who would have gained more from the loss of gold loan NBFCs..........
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