The Reserve Bank of India (RBI) on Friday announced an increase in the monetary ceiling of gold loans that can be granted under the bullet repayment scheme from Rs 2 lakhs to Rs 4 lakhs for urban co-operative banks (UCB) who have met the overall PSL target and sub targets as on March 31, 2023.
These banks will be required to continue to meet the targets and sub-targets thereafter and detailed guidelines on the matter will be issued separately, according to an RBI statement.
The central bank said the step has been taken with a view to incentivising UCBs that have met the prescribed PSL targets as on March 31, 2023.
UCBs have been permitted an extended glide path for achievement of PSL targets, beyond March 2023 and the new incentive is expected to accelerate the process.
UCBs had sought enhancement in the ceiling on loans against gold and gold jewellery from Rs 2 lakhs to Rs 5 lakhs under the bullet payment scheme to meet the funding requirements of small and marginal borrowers.
The RBI had permitted bullet repayment of gold loans up to Rs 1 lakh to start with in 2007, which was increased later to Rs 2 lakhs in 2014, with the repayment being restricted to 12 months.
The scheme has now been further liberalised.
Two drowned in Pune bridge collapse, PM Modi speaks to CM Fadnavis
At least two people were killed, 32 others injured, while a total of 41 people were rescued after they fell into an overflowing river when an old bridge they were crossing collapsed in Maharashtra's Pune district on Sunday.
Haifa port in Israel operating normally despite Iran attack
There has been no damage to Israel’s Haifa port in the Iranian ballistic missile attack on an oil refinery nearby and cargo operations are progressing unhindered, according to media reports.
No recommendation, no discrimination: HM Amit Shah hails UP’s inclusive recruitment drive
In a historic ceremony, Home Minister Amit Shah and Uttar Pradesh Chief Minister Yogi Adityanath distributed appointment letters to 60,244 newly selected police personnel at the Defence Expo Ground in Sector 18, Vrindavan. Out of these 60,000 recruits, more than 12,000 comprised women.
Round-the-clock DNA profiling underway: FSL Gandhinagar Director explains complex process
The Forensic Science Laboratory (FSL) in Gandhinagar, Gujarat, has been operating around the clock to identify victims of the Ahmedabad plane crash through DNA profiling and matching.
Civil Aviation Ministry issues strict instructions to DGCA to enforce chopper safety
In the wake of a tragic helicopter crash in the Gaurikund area of Uttarakhand, the Ministry of Civil Aviation on Sunday issued strict instructions to the Directorate General of Civil Aviation (DGCA) to enforce all safety protocols related to chopper operations in hilly and sensitive areas like the Kedarnath valley.
‘Harming Indians will invite punishment’, HM Shah on Op Sindoor
Union Home Minister Amit Shah said on Sunday that through the anti-terror Operation Sindoor, Prime Minister Narendra Modi has sent a strong message across the world that the bloodshed of Indians will invite punishment.
Dassault CEO trashes Pakistan's claims on downing Rafale jets
Dassault Aviation Chairman and CEO Eric Trappier has dismissed as "factually incorrect" Pakistan’s claims about having shot down three Rafale fighter jets of the Indian Air Force during Operation Sindoor.
Tripura BJP stages protest over vandalism at Tagore's ancestral home in B'desh
Ruling BJP in Tripura on Saturday staged state-wide protests along the Bangladesh border, protesting the recent attack and vandalism of the ancestral home of Nobel laureate Rabindranath Tagore in the neighbouring country.