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RBI allows NBFCs to auction gold pooled from multiple branches

RBI allows NBFCs to auction gold pooled from multiple branches

Wednesday, January 22, 2020, 9:58 AM

The RBI allowed non-banking finance companies(NBFCs) engaged in lending against gold to auction gold jewellery pooled from multiple branches in a single district. Earlier, NBFCs were allowed to conduct the auction in the same town or taluka in which the branch that had extended the loan was located. The relaxation in auction rules will be subjected to the condition that the first-auction has failed.
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