“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
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