RBI directs gold loan financiers to rectify deficiencies in loan practices within three months.
The Reserve Bank of India (RBI) has directed gold loan financiers to address significant deficiencies in their loan practices, including improper third-party involvement, inadequate due diligence, and lack of transparency during auctions of defaulted loans. The RBI requires supervised entities to review and rectify their policies within three months, warning that failure to comply may lead to supervisory action.
September 30, 2024
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