RBI Doubles Monetary Ceiling of Gold Loans under Bullet Repayment Scheme for Urban Co-operative Banks to Rs 4 lakh
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- Last Updated on 9 October, 2023
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Circular No. RBI/2023-24/66 DOR.CRE.REC.42/07.10.002/2023-24; Dated: 06.10.2023
The RBI has decided to increase the monetary ceiling of gold loans granted under the bullet repayment scheme from Rs 2 lakh to Rs 4 lakh. This applies to those Urban Co-operative Banks (UCBs) that have met the overall Priority Sector Lending (PSL) target and sub-targets as on March 31, 2023. These new limits are effective from 06.10.2023. Earlier, the RBI permitted UCBs to extend gold loans up to Rs 2 lakh with a bullet repayment option, subject to certain conditions.
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