Reconsider proposed gold loan restrictions: TMC
The Hindu
Reconsider proposed gold loan restrictions: TMC
Members of the Tamil Maanila Congress (Moopanar) have urged the Reserve Bank of India (RBI) to withdraw the proposed restrictions on gold loans, as these will negatively affect the middle-income group and the poor.
In a petition submitted to the Branch Manager of Canara Bank, Park Road Branch, on Thursday, party general secretary Vidiyal S. Sekar and Erode Urban District president P. Vijayakumar stated that the RBI’s new regulation on gold loans would have a significant impact on the poor and the common people. They argued that repaying the gold loan in full, including both principal and interest, and reclaiming the pledged gold would be impossible for the average person. Furthermore, it would be impractical to provide a receipt for the loan amount when reclaiming the pledged gold. Therefore, they urged the RBI to reconsider the plan and asked the manager to escalate the issue to the authorities for action.
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