Gold loan NBFCs seek 'priority' sector status

"Many farmers, small business owners/shopkeepers also resort to gold loans to meet their working capital needs," said George Alexander Muthoot, managing director of Muthoot Finance. "Gold loan NBFCs serve the underserved segment or the bottom of the pyramid as this segment frequently borrows less than ₹50,000 and the tenure of these loans is also typically for less than 12 months."

from Banking/Finance-Industry-Economic Times https://ift.tt/JQ0uN4v