RBI proposes new draft norms for gold loans: Here is what borrowers and lenders need to know | Mint

India’s Central Bank, the Reserve Bank of India (RBI), released a new draft line for gold loans on Wednesday, April 9. The draft Line has learned that borrowers have uniform documentation for such instruments to protect the people who borrow gold loans. According to the official RBI announcement, the borrowers dealing with gold loans are directed to ensure a ‘standardized procedure’, which will help the purity of gold collateral, its weight (gross as well as just), etc. And the procedure must be adopted uniformly across all branches of the lender. (More to come … Come and see updates.)