Stalin thanked Finance Ministry for addressing gold loan concerns. DFS suggested excluding small borrowers; RBI reviewing feedback with state consultations planned.
Tamil Nadu Chief Minister MK Stalin on Friday thanked the Union Finance Ministry for responding to his concerns regarding Reserve Bank of India’s draft guidelines on gold loans.
In a post on X, the Chief Minister said, “Glad to note that Finance Ministry of India has responded to the concerns raised by me in my letter to the Union Finance Minister regarding RBI’s draft guidelines on gold loans.”
“Protecting the interests of small borrowers, especially those seeking loans below Rs. 2 lakh such as farmers and daily earners and ensuring timely and accessible credit has been my consistent demand,” Stalin said.
His remarks came after the Finance Ministry in a post on X said, “Draft Directions on Lending Against Gold Collateral issued by the RBI have been examined by DFS under guidance of Union Minister for Finance and Corporate Affairs Nirmala Sitharaman.
The Department of Financial Services (DFS) has given suggestions to the RBI to ensure that the requirements of the small gold loan borrowers are not adversely affected, the Ministry stated.
It said that DFS has also stated that such guidelines will need time to implement at the field level and hence may be suitable for implementation from January 1, 2026 only.
“Further, DFS has suggested that small ticket borrowers below Rs 2 lakh may be excluded from the requirements of these proposed directions to ensure timely and speedy disbursement of loans for such small ticket borrowers. RBI is reviewing the feedback received on the Draft guidelines,” it said.
“It is expected that concerns raised by various stakeholders, as well as the feedback received from the public, will be duly considered by the RBI before finalising the Directions on the same. The suggestions have been duly forwarded to RBI,” it said.
It also stated that while appreciating the positive consideration given to this issue, we emphasize that such policies having significant impact on poor should be arrived after due prior consultation with States.
