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Muthoot Finance has sold a gold loan portfolio worth Rs 725 crore to Asset Reconstruction Company of India (Arcil), marking the first time a lender has sold such a portfolio to an asset reconstruction company. Muthoot Finance did not take a significant hit on the sale as the value of gold has appreciated. ....
Data from the Reserve Bank of India (RBI) show outstanding gold loans at Rs 95,476 crore as on July 28, up 23.1% from a year earlier, a sharp acceleration from the single-digit growth in the preceding 12 months. Earlier this month, RBI doubled the limit on gold loans under the bullet repayment scheme — from Rs 2 lakh to Rs 4 lakh — for urban cooperative banks, subject to conditions. Central bank data show India owns more than 27,000 tonnes or 14% of the worlds gold, of which around 5,300 tonnes is pledged. ....
Gold loan companies may not see the same rate of growth as they have in the past, but are unlikely to be run over by banks as most investors fear, says Digant Haria, founder of Green Edge Wealth ....