Finance Minister Nirmala Sitharaman said public sector banks were told to check their gold loan records to follow rules properly, but no major issues were found.
She was speaking about the Banking Laws (Amendment) Bill, 2024, which the Rajya Sabha passed after the Lok Sabha approved it in December. The Bill makes changes to key banking laws.
Gold loans in banks grew by 71.3% in one year, reaching Rs 1.72 trillion by December. This increase happened because gold prices went up and banks reduced unsecured loans due to higher risk rules.
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