.........There are two interesting aspects to the development: For one, there was never such a ceiling applicable on the quantum of loans that gold loan NBFCs, which control half of the market, can give to customers against the pledged gold; secondly, according to bankers, even commercial banks have been giving loans much above Rs 1 lakh all this while, even when the said limit was supposedly in place. That means, for all practical reasons, no one seemed to know or they didn't take the rule very seriously even when it existed. Bankers, for that matter even the RBI, do not seem to be convinced about the central bank’s rationale of setting a limit on the quantum of loans that can be borrowed against gold........
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