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Notice to centre, RBI on plea against jewel loan norms
The New Indian Express Nagapattinam
|April 07, 2025
THE Madurai Bench of the Madras High Court recently issued notice to the union government, Reserve Bank of India (RBI), among others on a Public Interest Litigation (PIL) petition filed challenging a portion of the recent guidelines issued by the RBI, which mandates repayment of both principal amount and interest for renewal of jewel loans.
The litigant S Pitchairajan, secretary of Tamil Nadu Farmers Union, stated in his petition that earlier, banks used to allow annual renewal of gold loans, if the borrower pays the interest amount. However, due to clauses ix, x, and xi mentioned in the annexure of a circular issued by
This story is from the April 07, 2025 edition of The New Indian Express Nagapattinam.
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