Kotak Mahindra Bank on Thursday announced that it has opened 100 gold loan branches in the current financial year, so far.
As of March 31, 2022, the bank was offering gold loans through its 400 branches.
With the addition of new gold loan branches in this FY, Kotak Mahindra Bank now offers gold loans through its 500 branches spread over 253 cities across the country.
The bank plans to open 50 more gold loan branches in this financial year ending March 31, 2023.
Manish Kothari, president and head, commercial banking, Kotak Mahindra Bank, said, “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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