Gold loans are secured and one of the most flexible mediums to meet short-term cash emergencies. They are especially popular in rural markets because of their easy access by pledging gold to borrow funds. Not just that, gold has also emerged as one of the important funding mechanisms for small businesses. With the growing demand for gold loans, experts believe the Budget 2023 should propose measures to address the unmet credit demand in this segment. Also, NBFCs believe this Budget to announce measures that could restore priority sector status to eligible gold loans, including microloans, loans to farmers, and microbusinesses.
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