After taking policy measures to lower gold imports, the Reserve Bank of India (RBI) has decided to curb retail consumption, too. It has asked banks not to convert gold purchases done through credit cards into equated monthly instalments (EMIs), besides mandating that cards should not be accepted for purchase of gold coins at branches. Many banks, especially the ones aggressive in the credit card business, offer EMI facility on purchase of air tickets, mobile phones and gold jewellery. Normally, on any transaction of more than Rs 10,000 value, customers are offered the option of converting the dues into EMIs. ..........
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