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Gold loan providers in India face a rise in robberies as gold prices rise


39.5 kgs
However, one of India s largest gold loan NBFC Mannapurram argues that even in cases where the attempts are initially successful, the police have usually succeeded in recovering much of the stolen jewellery.
Manappuram Finance told Business Insider that most of these attempts turn out to be unsuccessful given the sophisticated security systems NBFCs have in place.
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Robberies in the middle of a pandemic
The rise in robberies is especially worrisome given that companies like Muthoot and Manappuram have had to pivot to collecting the mortgaged gold from the borrowers’ homes. Before the COVID-19 lockdown, the borrowers had to visit the branch to deposit the gold. ....

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