Biz Updates: Congress MP worried over RBI’s new rule regarding jewelery loan, demands Finance Minister to change the policy
New Delhi| Congress MP Manickam Tagore has written a letter to Union Finance Minister Nirmala Sitharaman expressing concern over the policy changes made by the Reserve Bank regarding repayment of jewelery loans. The MP has demanded the Finance Minister to take necessary steps to mitigate the adverse effects of the change in policy.
In a letter to Union Finance Minister Nirmala Sitharaman, Congress MP Manickam Tagore said that the Reserve Bank of India (RBI) has recently made policy changes regarding repayment of jewellery loans. This can have a negative impact on weaker sections of the society, including small traders, farmers and low-income individuals.
The MP said that under the old system, customers were allowed to repay only the interest earned on their jewellery loans during the loan period. At the end of the loan period borrowers could renew their loan without paying the entire principal amount. This has provided financial relief to people in urgent need of money. Due to this, small businesses and individuals can meet their financial needs.
Tagore said that now according to the new rule, customers will have to pay the entire principal amount including interest at the end of the loan tenure. Only after this they can renew or pledge their jewellery for a new loan. This change has caused concern, as it is likely to create considerable difficulties for borrowers who are already facing financial difficulties.
He said people from rural and economically deprived backgrounds depend on jewellery loans for emergency funds. They do not have the financial capacity to repay both principal and interest at once. The new rule could create a financial crisis for many people.
The MP from Tamil Nadu said small businesses, farmers and low-income families will be particularly affected by this, as sudden demand for repayment may force them to default on loans, which may worsen their financial condition and They may get further into debt.
The MP asked the Finance Minister to intervene in the matter and request the RBI to reconsider or amend this rule. Rethinking this will not only provide relief to the weaker sections of the society, but jewellery loans will remain accessible to those who are in urgent need of funds for their survival and livelihood. I ask you to look into this matter as soon as possible and to take the necessary steps to mitigate the adverse effects of this new policy.
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