NBFCs auction record volume of pawned gold, warn of bigger crisis for banks from Q2
pexels
Gold loan-focused non-banks like Manappuram Finance have auctioned a record 1 tonne, worth Rs 404 crore, of the pawned gold in the last quarter of 2020-21, indicating deepening distress among the public due to the pandemic and have warned that banks are headed to an NPA crisis from September quarter when gold loans with one-year tenure mature.
During the first wave of the pandemic, among the many measures the Reserve Bank announced to alleviate the financial distress of the public, one was to allow banks to offer 90 per cent of the value of gold in loans. This helped millions of households, as it came amidst a massive spike in gold prices, which had crossed Rs 5,600/gram in the peak of the pandemic last year.
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Forget about the Urus, Lamborghini‘s LM002 is the original super-SUV. It’s rarer, more expensive, owned by a diverse clientele, has a military background, and is unmistakably so much cooler, and now a very clean and well-specced version is heading to auction with RM Sotheby’s.
By purchasing the LM002, you’ll be joining an ownership club comprising Tina Turner, Sylvester Stallone, Keke Rosberg, and Malcolm Forbes, and other high-profile names. As you drive around in your six-feet-tall, three-tonne SUV, you’ll come across more like a “Rambo Lambo” driver than a “Chelsea Tractor” owner. It’s for this reason that the LM0002 is the original beastly SUV, and why it’s now one of the most sought-after Lamborghinis in the world.
Read more about GOI Announces Sale Of Four Dated Securities For A Notified Amount Of Rs 32,000 crore on Business Standard. The Government of India (GoI) has announced the Sale (Re-issue) of (i) 5.63% Government Security, 2026 for a notified amount of Rs 11,000 crore (nominal) through price based auction, (ii) GoI Floating Rate Bonds, 2033 for a notified amount of Rs