Latest RBI Loan Rules: RBI made a big change in the loan rules, now these people will not get loan
RBI Loan Rules: If you are also planning to take a loan then this news is for you. Actually, recently RBI (Reserve Bank of India) has issued new guidelines regarding loans. Under which it has been said that now these people will not get loans-
News, Digital Desk- (Gold Loan Rules) Reserve Bank of India (RBI) has issued new guidelines for loan against gold. Now banks will be able to give gold loan only against gold ornaments and coins issued by the bank.
RBI has clarified that loan will not be given against gold bars, bullion or ingot. This means that only those people will get gold loan who have gold ornaments or coins. (RBI Gold loan rules)
RBI had issued strict guidelines regarding gold loans last month. After which Tamil Nadu Chief Minister M.K. Stalin wrote a letter to Union Finance Minister Nirmala Sitharaman saying that the new rules could affect the access of poor and middle class families to bank loans.
The Finance Ministry has suggested to the RBI that gold loans up to Rs 2 lakh should be exempted from the new rules and these should be implemented from January 1, 2026.
This step will give enough time to the banks. In India, people often take loans against gold for immediate financial needs. RBI is making changes in the gold loan rules to regulate this sector and increase transparency, thereby protecting the interests of both lenders and borrowers.
Why is RBI changing the rules?
RBI is changing the rules related to gold loan because in recent times many people are taking loans against gold. The main reason for this is that the price of gold is continuously increasing rapidly.
At present, the price of 24 carat 10 grams of gold in India is around ₹ 95,760, while 22 carat gold is being sold for ₹ 87,780 per 10 grams.
As the demand for gold loans is increasing, the number of loans that cannot be repaid (NPA - Non Performing Assets) to banks and finance companies is also increasing.
When a person is unable to repay the loan, that loan is counted in NPA. Therefore, if strict guidelines are not made in time, then it can cause losses to both banks and borrowers.
According to a report, by December 2024, gold loans worth Rs 2,040 crore of banks had become NPA. Whereas a year ago i.e. in December 2023, only gold loans worth Rs 1,404 crore were NPA.
Gold loans can be a helpful option for immediate needs. However, failure to repay it exposes your current financial troubles. If your jewellery is auctioned, you lose a valuable asset and your credit score also gets affected.
Jewellery in India has not only economic but also emotional significance. Therefore, losing it is not just a financial loss but also an emotional blow.
At the same time, if more people default on their gold loans, that is, if the bank does not get the loan back, then the loan giving institution may face a shortage of money. Because the process of auctioning jewellery is quite long and complicated, which makes it difficult to get the money back on time.