Edited By: Namit Singh Sengar(*100*)(*100*)
Last Updated: February 23, 2023, 13:36 IST(*100*)
The financial institution plans to open 50 extra gold mortgage branches on this monetary 12 months ending March 31, 2023.
As of March 31, 2022, the Bank was providing gold loans by way of its 400 branches.
Kotak Mahindra Bank on Thursday introduced that it has opened 100 gold mortgage branches within the present monetary 12 months, thus far.
As of March 31, 2022, the financial institution was providing gold loans by way of its 400 branches.
With the addition of new gold mortgage branches on this FY, Kotak Mahindra Bank now affords gold loans by way of its 500 branches unfold over 253 cities throughout the nation.
The financial institution plans to open 50 extra gold mortgage branches on this monetary 12 months ending March 31, 2023.
Manish Kothari, president and head, business banking, Kotak Mahindra Bank, mentioned, “We are delighted to open 100 gold loan branches covering additional 49 cities during this financial year. gold loans have emerged as one of the most preferred mode of availing finance to meet personal as well as business needs.”
“Indians have idle gold and with gold prices soaring, gold loans have become an attractive proposition. The demand is coming also from people moving away from unorganised sources of finance, such as pawnbrokers as well as moneylenders. This is due to greater awareness about risks associated with unregulated sources of finance offered by pawnbrokers, at relatively higher interest rates. We feel the trend will continue in the time to come as well,” Kothari added.
India is one of the world’s major consumers of gold.
Meanwhile, gold futures opened in the red on February 23. As of 10:20 AM, the price of the precious yellow metal on the Multi Commodity Exchange (MCX) India had fallen by 0.34 per cent to trade at Rs 55,892.
Also Read: Looking to Invest in Gold? Know All About These Govt Schemes
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