“The Reserve Bank of India’s, or RBI, offensive against gold continued Tuesday when it imposed restrictions on the country’s regional rural banks, or RRBs, for lending money against gold, in an attempt to discourage demand for the precious metal and reduce its imports. ‘It is advised that while granting advance against the security of specially minted gold coins sold by banks, RRBs should ensure that the weight of the coin(s) does not exceed 50 grams per customer,’ RBI said in a statement.  The RBI, in recent months, has been hard at work trying to contain the appetite for gold, which is an integral part of India’s culture, lifestyle and festivals.”

http://www.ibtimes.com/indias-rbi-restricts-lending-against-gold-gold-linked-etfs-mutual-funds-rural-banks-curb-heavy

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