NBFC cash loan against gold has been restricted to Rs 25,000
Friday, March 10, 2017, 10:40 AM
Non Banking Finance Companies, cannot lend more than Rs 25,000 in cash against gold, the RBI said today. The earlier provision for NBFC's was that high value loans against gold of Rs 1 lakh and above, must only be disbursed through cheque. RBI reduced the amount to Rs 25,000 from the earlier Rs 1 lakh in line with provisions of the Income Tax Act.