RBI should increase gold-to-loan ratio to 85%, says Tamil Nadu MP S Venkatesan
MADURAI: MP S Venkatesan, during a press meeting here on Friday, said that the RBI should increase the gold-to-loan ratio amount to 85% of its market value and return the new circular regarding the repayment of gold loans.
He added that he recently met Union Finance Minister Nirmala Sitharaman and requested her to instruct the RBI governor to take back the new circular that was released on gold loan repayment. Following this, Sitharaman instructed the RBI that the draft regulations on gold loans do not impact small borrowers. Hence, the RBI should exempt those who have borrowed small loans up to Rs 2 lakh.'
He further requested the RBI to increase the gold-to-loan amount up to 85% of its market value. Banks do not face any challenges in giving gold loans.
The BJP government should right off 70 per cent of corporate loans. However, stringent rules should be implemented on the repayment of gold loans. Condemning the ASI for asking Archaeologist Amarnath Ramakrishna to revise his report on Keeladi excavation, Venkatesan said, 'Keeladi excavation findings are scientific evidence of Tamil ancient culture. In such a situation, it seems like the BJP is trying to hide the truth by asking Ramakrishna to revise his report.'
He also stated that the CPM will organise rallies across the state from June 11 to 26 for addressing the people's issue.
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