“India’s central bank has increased the amount that finance companies can lend in return for gold deposits. Under the new rules, non-banking finance companies (NBFCs) can lend up to 75% of the value of gold, from 60%. The central bank revised the rules because their gold loan portfolios were showing only moderate growth. Lending against gold is a fast-growing business in the Indian economy, and the industry is valued at more than $20bn (£12bn). India is placed 11th in the global ranking for gold holdings by central banks, with 8.4% of its reserves held in gold, according to the World Gold Council.”
http://www.bbc.co.uk/news/business-25663872
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Related posts:
WikiLeaks staffer helping Edward Snowden flee U.S. authorities
Young people are three times as likely to be unemployed in global economy
Most Untrustworthy US Police Departments Receive Military Weapons
U.S. denies alleged plot against Venezuelan government
The Winklevosses: Bitcoin worth 100 times more
NASA: Voyager 1 becomes first spacecraft to leave our solar system
California Man Pays Off $13,000 Property Tax Bill in Coins, Dollar Bills
Try Exercising This Constitutional Right And You're Apt To Regret It
Mandatory Sentences Face Growing Skepticism
Hackers steal Western Michigan University professor's paycheck
China Will Build the Tallest Building In the World in Just 90 Days
Pentagon agency lost track of $800M for construction, audit finds
Supreme Court: Warrants Are Generally Needed to Collect Cellphone Location Data
Inside the Hyperloop: the pneumatic travel system faster than the speed of sound
‘Sovereign citizen’ movement, 30,000 strong, worrying Canadian officials