The Reserve Bank of India (RBI) does not want to prohibit banks from selling gold coins so as to encourage genuine investment, but is not in favour of speculative buying or aggressive marketing by banks, D Subbarao, Governor has said.
On Monday, the RBI had said that banks will not be permitted to give loans against gold exchange-traded funds (ETFs) and gold mutual funds.
“If people want to buy gold for savings, the route should be available for them but for genuine purpose. But if the loan to value ratio is not restrained, there is a possible risk,” he said.
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