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SBI to launch its gold loan scheme today

SBI to launch its gold loan scheme today

Thu May 23 2019


A long pending demand of the gems and jewellery sector to get gold loans has finally been approved by the central government. The State Bank of India (SBI) will commence facility to offer gold loan services to the gems and jewellery sector from Thursday onwards.


Official sources said that the scheme will be launched by the SBI’s chief general manager (Gujarat region) Sanjay Srivastava at the bank’s headquarters located at Chowk Bazaar. Post this, diamantaires and jewellery manufacturers would be able to procure gold on loan in order to increase their business capacity.


The Gems and Jewellery Export Promotion Council (GJEPC) office-bearers said that jewellers manufacturing diamond-studded jewellery were procuring gold from the government-approved bullion agencies in Mumbai. Now, they can procure locally in Surat by taking term loan on gold from SBI, which is also offering discounts on the interest rates prevailing in the market.


Member of All India Gems and Jewellery Trade Council (GJF), Nainesh Pachchigar said, “As per the government rules, we could procure gold only from bullion agencies. Now, we will be able to get gold from SBI on lowest interest rate. The SBI’s gold loan scheme will boost jewellery manufacturing in Surat and South Gujarat.”


“There is a daily requirement of 80-100kg gold in jewellery manufacturing in Surat. The demand will now increase with this door-step facility provided by the SBI nd boost export and domestic business,” Pachchigar added.


Source: https://timesofindia.indiatimes.com/