Indians are obsessed with gold. They want to possess as much as they can for both economic and cultural reasons. This annoys economists and governments who think it is a dead asset.
So they are constantly trying to take away people’s gold through one strategy or another. This is why the Reserve Bank of India (RBI) governor on Thursday announced that the central bank would now allow banks (and not non-banking financial companies) to give gold loans worth up to 90 per cent of the value of the gold being put up as collateral by the borrower. The earlier limit was 75 per cent. ALSO ...
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