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Government Must Make Gold Monetization Business Attractive: Bankers
January 26, 2018
Bankers and analysts in India are of the unanimous opinion that for the government to tackle the problem of trade deficit that’s widening because of increased gold imports in the country, it should make the gold monetization scheme (GMS) a more attractive business.
Kotak Mahindra Bank’s head of global transactions and precious metals, Shekhar Bhandari, said that banks are offering an interest rate of 4% to 6% on gold loans but have to deal with costs ranging between 4.25% to 6.5% which makes the business not so lucrative for them.
