If you are upset due to Corona, work is not going on or you are struggling with money shortage, then RBI has brought a big deal on gold loan for you. Eye has increased the value of debt on gold jewelery. If you have gold, now you can take a loan up to 90 percent on that gold, which used to get 75 percent earlier. However, this rebate has been given by RBI till 31 March 2021 only. RBI will decide further whether this scheme will continue in future also.
RBI Governor Shaktikanta Das today announced the monetary review policy in which the rules related to gold loans were changed. The central bank said in a statement on the development and regulatory policy issued after the meeting of the Monetary Policy Committee that non-agricultural loans given in lieu of gold jewelery are intended to reduce the economic impact of Kovid-19 on new and small traders. It has been decided to increase the limit from the present 75 per cent to 90 per cent of the price so that small and medium traders can get their business back on track which was derailed due to Corona.
The priority of the government these days is on how to reduce the economic impact of Corona, especially when there is a period of global Great Depression due to Corona and people are becoming unemployed continuously. The RBI has increased the gold loan limit because gold-based loans became more popular among people during lockdown. It is being told that after March 31, again the loan on gold will be 75% only, which is an immediate relief from the RBI so that small traders can take advantage.