........After a knee-jerk reaction to rising stock prices, assets and liabilities of nonbanking finance companies (NBFCs), the central bank's working group had concluded that gold could turn out to be the best collateral even for banks. Indeed, it went to the extent of making gold a vehicle for financial inclusion. "There is great scope for expanding financial inclusion in extending gold jewellery loans," said a recent report by the working group headed by KUB Rao. "If banks continue to increase their gold jewellery loans portfolio, the reliance of economically weaker sections of the society on money lenders and pawn brokers will come down considerably."..............
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