Excelsior Sports Correspondent JAMMU, Apr 29: Madhvendra Pratap Sharma of Madhya Pradesh emerged sole leader at seven point after seven rounds by displaying some brilliant display of Chess in the ongoing 34th MPL Nationaal Under-10 Chess Championship at Kangra Fort Banquet Hall, Barnai, here today. The championship is being organised by All J&K Chess Association in collaboration with MPL Sports Foundation and Hob Space. Madhvendra Pratap Sharma is closely followed by Aansh of Maharashtra, Sanjay of Tamil Nadu and Apaar […]
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Chandigarh, July 2
Like a few of his counterparts, Mohinder Sharma (name changed) took loan against gold jewellery, typically considered to be a last resort by most households, from a non-banking financial company (NBFC). Having lost his job amid Covid-induced economic crisis, he was unable to repay the interest. This resulted in the NBFC auctioning his gold.
Sharma is not the lone example, the advertisements in newspapers announcing the auction of gold jewellery by NBFCs in the last few months indicate the severe distress faced by households. The NBFCs have a lion’s share in the gold loan segment.
Ideally, in case of a default in repayment, customers are given notice to repay. In case, they fail to repay the loan, the gold is auctioned.
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