Stalin welcomes Centre's response to RBI gold loan row, urges state consultation
Tamil Nadu Chief Minister MK Stalin on Friday welcomed the Union government's response to the concerns he had raised over the Reserve Bank of India's (RBI) draft directions on gold loans and reiterated the need for prior consultation with states on policies affecting the poor.'Glad to note that @FinMinIndia has responded to the concerns raised by me in my letter to the Hon'ble Union Finance Minister regarding @RBI's draft guidelines on gold loans,' Stalin said in a post on social media platform X. advertisementHe further said, 'Protecting the interests of small borrowers, especially those seeking loans below Rs 2 lakh such as farmers and daily earners and ensuring timely and accessible credit has been my consistent demand.'
'While appreciating the positive consideration given to this issue, we emphasize that such policies having significant impact on poor should be arrived after due, prior consultation with States,' the Chief Minister said in the post.
The response came after Stalin wrote to the Union government on May 28, voicing concern over the proposed RBI guidelines, which he said would impose undue restrictions on gold loans and hurt access to credit for poor and middle-class families.advertisementIn the letter, Stalin had emphasised the cultural and financial importance of gold among the people of Tamil Nadu, stating: 'Our people are simple, dignified, and resilient. Even when all they have is half a rupee, they save it carefully, adding to it bit by bit, until they can buy a single gold bead. Not for show. Not for luxury. But for emergencies—moments when there is no one else to turn to. This is not ornamental gold. It is their shield against life's uncertainties.'Criticising the RBI's draft regulations, he wrote, 'Today, the RBI has proposed needless restrictions on gold loans, making it harder for poor and middle-class families to access credit with self-respect. This is not merely a regulation. It is a blow to their dignity and survival.'Referring to the growing menace of predatory lending, Stalin added, 'At a time when many are already caught in the cruel grip of #LoanSharks and forced into #LoanApps during times of desperation, is it fair to push them further into those traps instead of protecting them? I respectfully urge Hon'ble @nsitharaman and the @RBI Governor to ease the rules on #GoldLoan. Let our people pledge their hard-earned gold with dignity.'
IN THIS STORY#Tamil Nadu
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