Gold Loan: Banks' Outstanding Jumped 26% to Rs7.73 Lakh Crore, NBFCs’ by 17.25% to Rs1.53 Lakh Crore, Says Govt
Moneylife Digital Team 05 August 2024
Gold loans outstanding of scheduled commercial banks (SCBs) jumped 25.66% or by Rs1.57 lakh crore to Rs7.73 lakh crore, while for non-banking finance companies (NBFCs), it increased 17.25% to Rs1.53 lakh crore, the Union government told the Lok Sabha.
 
In a written reply, Pankaj Chaudhary, minister of state for finance says, "The Reserve Bank of India has informed that data on 'gold loans - advances outstanding' for banks is collected from FY22-23 onwards only, and information on 'number of accounts- gold loans' of the banks is not maintained by it. However, the gold loans outstanding of SCBs, as on 31 March 2023 and 31 March 2024, are Rs6,15,341 crore and Rs7,73,248 crore, respectively."
 
Outstanding advances to individuals against gold by NBFCs as of March 2024 stood at Rs1.53 lakh crore, an increase of 17.25% or Rs22,630 crore compared with Rs1.31 lakh crore in March 2023, the minister says.
 
 
Khalilur Rahaman, a member of Parliament (MP) had asked for information on data of loans pledged against gold in the country, whether the number of borrowers in this category increased or not and the profit earned by banks and NBFCs during the past five years.
 
In his reply, Mr Chaudhary, the minister, said during FY23-24, SCBs earned a net profit of Rs3.53 lakh crore, a jump of 34% from Rs2.63 lakh crore in FY22-23. NBFCs (in the upper and middle layer) saw their profit jump by 33.68% to Rs1.84 lakh crore from Rs1.38 lakh crore a year ago.
 
Comments
kalemohan
6 months ago
genarally the gold assets deposited at the financial institutions are 80 % are bogus/duplicate not real.
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