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India gold lenders cut tenor, seek more collateral as prices plunge

Indian firms that lend against gold are cutting tenors and seeking more collateral to protect against the plunge in prices of the precious metal. Market leader Muthoot Finance Ltd. has been offering discounts on interest rates and other incentives to borrowers who chose to repay monthly or more frequently. Rival Muthoottu Mini Financiers Ltd. is mostly lending for 90 days now versus 270 previously, and most large firms are disbursing amounts well below regulatory limits, which was 75 per cent of the metal’s value for shadow lenders and 90 per cent for traditional banks through March 31. Gold loans had boomed over the past year as small businesses tried to revive themselves from lockdowns by pledging family jewelry that’s a staple of almost all Indian households. Muthoot Finance, for instance, saw such lending increase 25 per cent over the period and the company holds 146 tons of gold, higher than the official reserves of Singapore and Sweden.

Delhi-based Ruptok Fintech acquires GoldUno in an all-stock deal

Delhi-based Ruptok Fintech acquires GoldUno in an all-stock deal The acquisition solicits existing associations and customer base of the Mumbai-based company along with the expertise of the founding team which will help in strengthening Ruptok s foothold in India. 0 claps Vinrak Technologies Private Limited, which owns GoldUno brand, in an all-stock deal. With this acquisition, Ruptok Fintech, which currently has a presence in Delhi-NCR, will enter into the Mumbai market and will be offering logistics and technology solutions for gold loans at competitive prices to financial institutions, it said in a statement. Founded in 2015, GoldUno offers Gold Loan from banks and NBFC s with a wide variety of schemes curated as per the customer’s need. As part of the deal, GoldUno s team as well as the founders will join Ruptok s team and will help the company with pan-India expansion. Ruptok will further join hands with the channel partners of Gold Uno, including Catholic Syrian Bank a

Farmers agitation in Bengal on BJP s | भाजपच्या मागावर शेतकरी आंदोलन बंगालमध्ये दाखल

Farmers agitation in Bengal on BJP s | भाजपच्या मागावर शेतकरी आंदोलन बंगालमध्ये दाखल
bhaskar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bhaskar.com Daily Mail and Mail on Sunday newspapers.

muthoot finance share price: Muthoot Finance plunges 7% after Chairman MG George Muthoot dies

NEW DELHI: Muthoot Finance shares plunged 7 per cent on Monday after the NBFC s chairman, MG George Muthoot, passed away on Friday evening by falling from the fourth floor of his house. Muthoot was largely credited for making Muthoot Finance a pan-India company, and the largest gold loan NBFC. Following the development, the scrip fell 6.57 per cent to hit a low of Rs 1,205 on BSE. Police received information on Friday at 9:21 pm regarding the admission of MG George Muthoot at a hospital after he fell from the fourth floor of the house, and was later declared dead, a senior officer said.

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