Several banks have reached out to the Reserve Bank of India (RBI) to seek a framework for silver metal loans similar to the existing gold metal loans, The Economic Times (ET) reported on Friday. An official quoted in the report said that jewellery manufacturers have been asking banks to extend loans for the procurement of silver, silver articles and for jewellery manufacturing.
Under the current Gold Monetisation Scheme, 2015, banks can extend gold loans to jewellery exporters or domestic manufacturers. The loan, equivalent to the value of gold borrowed, needs to be repaid in rupees. But the borrowers also have the option to repay a part of the loan in physical gold in lots of one kilogram or more.
The official quoted above also said that India's silver exports touched Rs 25,000 crore last year, and there is a high demand for credit in the sector.
For more Updates Do follow us on Social Media
Facebook Page https://bit.ly/3blw5Rg
Instagram https://bit.ly/3MsRHbP
YouTube https://bit.ly/3LjGj2L
Twitter https://bit.ly/3E9IO5U
Linkedin https://bit.ly/3M17Xlk
WhatsApp Group https://bit.ly/JEWELBUZZ
Comentários