RBI Restricts Cash Loan Against Gold by NBFC to Rs 25,000

Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25,000 in cash against gold according to RBI.

The earlier provision for NBFC was that high-value loans against the gold of Rs 1 lakh and above must only be disbursed by cheque. 

RBI reduced the amount to Rs 25,000 from the earlier Rs 1 lakh in line with the provisions of the Income Tax Act. The decision was taken in the backdrop of government’s focus on less cash economy and promoting digital payments.
Source- The Hindu
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