look news india
Sources associated with the incident said that the Reserve Bank of India (RBI) has warned banks about irregularities in gold loans given by fintech start-ups. RBI is concerned about the process of determining the price of gold secured by such fintechs while disbursing gold loans. Sources said there is a possibility of malpractices in the process of determining the price of gold, especially when customers are brought in for gold loans by field agents of these fintech companies and banks. However, the sources did not shed any light on what kind of irregularities were being committed. RBI has asked banks to be cautious in the process of determining the price while giving gold loans and to take immediate action if any irregularities are being committed. Take steps to prevent this from happening in the future. Rupik, India Gold and Oro Money are leading companies in providing gold loans to banks. According to sources, after receiving this warning from RBI, various banks have discussed this issue with such agent companies. Until this problem is resolved, it cannot be ruled out that various banks may stop doing business with such agents for the time being.