Just days after banks withdrew EMI (equated monthly instalment) schemes on credit card purchases for gold, online sales of the yellow metal fell 20 per cent, the first time since e-tailers started operations.
“In just four days, our sales have dropped 20 per cent. It was first HDFC, now ICICI, HSBC and Standard Chartered Bank have all stopped their EMI option. We have been getting calls from customers about failures in payment processing,” said Gaurav Khuswaha, founder of Bangalore-based Bluestone.com. He said the RBI guidelines were for the purchase of gold coins and bars and not for jewellery.
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