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RBI has increased its gold hoard in 2024, & may acquire more

Money Control

Money Control · 1y ago

RBI has increased its gold hoard in 2024, & may acquire more

The Reserve Bank of India (RBI) has increased its gold reserves by around 1% in 2024, reflecting a global geopolitical scenario filled with uncertainty. Trade tensions, political instability, and conflicts like the Russia-Ukraine war have prompted central banks to diversify their reserves away from foreign currency assets. As of June 7, RBI's gold reserves stood at $56.982 billion, comprising 8.69% of total reserves. Gold is considered an attractive asset for central banks due to its historical resilience during geopolitical crises. Experts expect central banks, including RBI, to continue accumulating gold as a hedge against geopolitical risks.

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Gold prices were 0.48% higher at 71698.00 on September 11, 2024: MCX data

Money Control

Money Control · 9m ago

Gold prices were 0.48% higher at 71698.00 on September 11, 2024: MCX data

On September 11, 2024, gold prices in India closed at Rs 71,698.00 with a 0.48% increase from the previous day. Despite the rise, prices are still below the previous high of Rs 73,932.00 in May. Gold futures closed at Rs 71,927.00 per 10 grams. Prices varied across cities, with Delhi, Mumbai, Chennai, and Bengaluru experiencing slight increases. Gold demand decreased by 6% in Q2 2024, primarily driven by a decline in jewelry consumption, while technology use of gold increased. Geopolitical uncertainties and the US elections may also impact gold prices.

RBI cautions banks on gold loan disbursals through fintech startups

Economic Times

Economic Times · 1y ago

RBI cautions banks on gold loan disbursals through fintech startups

The Reserve Bank of India (RBI) has issued a warning to banks about gold loans disbursed through fintech startups. The central bank expressed concerns over the evaluation process, particularly when gold is sourced through field agents. Major players like Rupeek, IndiaGold, and Oro Money are involved. The cautionary measures may involve temporary pausing of business to ensure compliance. The RBI's scrutiny follows recent regulatory action on IIFL Finance's gold loan business. Gold loans have seen significant growth, with retail gold loans reaching Rs 1 lakh crore in March 2024.

RBI announces premature redemption calendar for SGBs issued from May 2017-March 2020

Money Control

Money Control · 10m ago

RBI announces premature redemption calendar for SGBs issued from May 2017-March 2020

The Reserve Bank of India (RBI) has announced a calendar for the premature redemption of Sovereign Gold Bonds (SGBs) issued between May 2017 and March 2020. The central bank will process the redemption of 30 SGBs from October 11, 2024, to March 1, 2025. SGB holders can request premature redemption after a five-year holding period. They are advised to submit their redemption requests during specific periods through designated offices or platforms. SGBs are government-backed securities that offer investors a convenient way to invest in gold without physical ownership.

Gold loan risks: RBI exposes irregularities, borrowers beware

Money Control

Money Control · 8m ago

Gold loan risks: RBI exposes irregularities, borrowers beware

- The Reserve Bank of India (RBI) has identified irregularities in granting gold loans, including lack of transparency during auction on default and inadequate due diligence. - The gold loan segment has experienced significant growth, with public sector banks accounting for a majority of the loans in recent years. - Borrowers should conduct research and verification, understand loan terms, and be aware of red flags when availing gold loans. - Essential precautions to take include studying loan offers, comparing interest rates and charges, and being cautious of unsolicited offers with hidden terms. - Lenders have been given three months to review their policies and practices related to gold loans and take corrective measures. Non-compliance may result in supervisory action from the RBI.

RBI bars Fairfax-backed IIFL Finance from sanctioning, disbursing gold loans

VCCircle

VCCircle · 1y ago

RBI bars Fairfax-backed IIFL Finance from sanctioning, disbursing gold loans

India's central bank, the Reserve Bank of India (RBI), has ordered non-bank entity IIFL Finance to halt the sanctioning and disbursing of gold loans due to "material supervisory concerns" found in its gold loan portfolio. The RBI identified issues such as improper assessment of collateral and breaching loan-to-value ratios. The company is able to continue servicing existing gold loan portfolios. IIFL Finance has not yet responded to the RBI's order.

The Impact of RBI's Gold Import Exemption

StartupTalky

StartupTalky · 1y ago

The Impact of RBI's Gold Import Exemption

The Indian government has granted the Reserve Bank of India (RBI) the authority to import gold without customs duty and the Agriculture Infrastructure and Development Cess (AIDC). This move aims to boost India's gold reserves and strengthen the country's financial stability. As the second-largest consumer of gold globally, India's exemption for the RBI signifies a significant shift in the country's approach to gold imports. The decision has implications for the Indian economy, the gold market, and the overall economic landscape.

RBI removes restrictions on IIFL Finance’s gold loan operations | Mint

Livemint

Livemint · 9m ago

RBI removes restrictions on IIFL Finance’s gold loan operations | Mint

IIFL Finance Ltd has received approval from the Reserve Bank of India (RBI) to remove the restrictions on its gold loan business.

Central banks set to boost gold holdings amid economic and geopolitical uncertainty: World Gold Council

Economic Times

Economic Times · 18d ago

Central banks set to boost gold holdings amid economic and geopolitical uncertainty: World Gold Council

Central banks plan to boost gold reserves amid geopolitical and economic uncertainties, according to the World Gold Council's survey. A record 95% of reserve managers expect increased gold holdings in the next year. Emerging markets show greater intent to expand their reserves compared to advanced economies. Gold remains valued for its stability, portfolio diversification, and crisis performance despite high prices. Additionally, more banks are storing gold domestically, with a shift toward reduced US dollar reserves in favor of other currencies and gold.

Neobanking Startup Jupiter Seeks RBI Approval For Stake In SBM Bank India

Inc42 · 9m ago

Neobanking Startup Jupiter Seeks RBI Approval For Stake In SBM Bank India

- Neobanking startup Jupiter in talks to acquire 26% stake in SBM Bank India - Deal subject to approval from Reserve Bank of India (RBI) - Acquisition may be done in tranches with an option to raise stake - Jupiter has backing from Tiger Global, Peak XV, and Matrix Partners - Jupiter also in talks for a separate deal to acquire 5-9.9% stake in SBM Bank India

IIFL Finance shares plunge after RBI bars firm from offering gold loans

VCCircle

VCCircle · 1y ago

IIFL Finance shares plunge after RBI bars firm from offering gold loans

Shares of IIFL Finance, an Indian non-banking finance company, dropped 20% after the Reserve Bank of India (RBI) barred the firm from offering gold loans due to "material supervisory concerns" in its portfolio. The RBI found serious deviations in collateral assessment, breaches in loan-to-value ratio limits, and lack of transparency in charges. A prolonged restriction may impact earnings, lower co-lending income and increase cost of finances. IIFL Finance stated that it has been taking corrective action and the impact on financials will depend on the resolution time.

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