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Reliance Capital will not sell physical gold, including sale through India Post and gold as an investment product across all its businesses and subsidiaries, the company said in an announcement on the Bombay Stock Exchange.
In addition, the company's commercial finance division has also decided to suspend financing against gold as a security.
Reliance Capital Asset Management has decided to suspend new subscriptions in Reliance Gold Savings Fund, but existing SIP investors will not be affected by this decision.
The decisions are subject to regulatory approvals, the company said.
"Reliance Capital will act in a responsible manner to minimise gold imports,'' said Sam Ghosh, CEO, Reliance Capital.
