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Impairment on financial instruments grew sharply to Rs 420 crore in Q2 FY25 from Rs 81.14 crore in Q2 FY24
Borrowers must remain vigilant about their repayment schedules and communicate proactively with lenders if they encounter difficulties
The funds raised will be used for onward lending and other activities permitted under the external commercial borrowing guidelines of the Reserve Bank of India
According to the report, Asirvad contributes around 27 per cent to the consolidated assets under management (AUM) of Manappuram Finance
Global tech titan Google on Thursday said it has tied up with Muthoot Finance to provide gold-backed loans through its mobile payments service GPay. Google also announced that from October 3, 2024, its AI assistant Gemini Live will be available in Hindi, and later eight more Indian languages will be included. These announcements were made by the company officials at the 10th edition of 'Google for India' event here. GPay is expanding its offerings by introducing gold-backed secured loans in collaboration with Muthoot Finance. According to Google India MD Roma Datta Chobey, about 11 per cent of the world's gold is housed in India. People across India can now access this credit product, with affordable interest rates and flexible usage options--delivering flexibility to the borrower, and security to the lender, Google said. As regards AI assistant Gemini Live, Hema Budaraju, Senior Director, Product Management, Google India, said that over 40 per cent of the Gemini users rely on voi
Action taken by lenders have to be informed to the senior supervisory manager (SSM) of the regulator
While banks are dominant in jewellery-backed agriculture loans, NBFCs lead in retail gold loans and are expected to expand at 17-19 per cent in FY25
On March 4, 2024, the RBI imposed restrictions on IIFL Finance after observing deviations in assaying and certifying purity and net weight of gold at time of sanctioning loans and at time of auction
The July Budget reduced the import duty on gold from 15 per cent to 6 per cent, lowering input costs for jewellers and deterring smugglers
Only borrow an amount that can be repaid comfortably. The ratio of total EMI to take-home salary should not exceed 40 per cent
According to CRISIL, growth for gold-loan NBFCs has been supported by favourable movement in gold prices
No plans to become BC for gold loan business
Personal loans also showed moderation, with sanctions by finance companies growing by just 1.4 per cent sequentially in Q4FY24
Regulator last year hiked risk weights for unsecured loans and put curbs on IIFL Finance, a large player in gold loan business
In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 66,490, Rs 66,340, and Rs 66,940, respectively
For FY24, its consolidated net profit rose by 23 per cent to Rs 1,974.2 crore from Rs 1,607.5 crore in FY23. Its NII rose by 38 per cent Y-o-Y to Rs 4,153.8 crore in FY24
Firm will not sell gold loans to asset reconstruction companies as the RBI is 'not comfortable', says George Alexander Muthoot
Finance firm facing curb on gold loan business
Muthoot Finance Q4: Muthoot Finance clocked its highest-ever consolidated loan asset under management (AUM) of Rs 89,079 crore in Q4FY24
Muthoot's standalone loan assets under management increased 20% to Rs 75,827 crore for the year ended March 31