THE Reserve Bank of
"Banks, as per their Board approved policy, may decide upon the ceiling with regard to the quantum of loans that may be granted against the pledge of gold jewellery and ornaments for non- agricultural end uses," RBI said in a notification. However, the period of such loans should not exceed 12 months from the date of sanction, the Central bank added.
The "loan to value" limit shall be maintained at 75 per cent, which means that the borrower will get a loan only to the extent of 75 per cent of the value of gold pledged.
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