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Her comments came after RBI Governor Sanjay Malhotra clarified during the post-policy press conference on April 9, “I never said that the gold loan norms will be tightened. In our mind, there is no tightening but rationalisation of rules.” He also stated that the draft norms will be released shortly, helping ease investor concerns and aiding a recovery in gold loan lender stocks.
Daptardar added that Muthoot Finance, the largest gold loan lender, is best placed to handle any regulatory changes. Based on Elara’s review of the company’s con-call transcripts, she said, “They have been largely in adherence with most of the norms.”
However, other players like Manappuram Finance and IIFL Finance may face more scrutiny due to past regulatory hurdles.
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She also addressed concerns over high loan-to-value (LTV) ratios in gold loans. While LTVs at the time of exit may exceed the 75% cap due to rising gold prices, she explained that the framework is unlikely to change significantly and that no major impact is expected on lenders for now.
On the broader financials space, Daptardar said the recent non-banking financial companies (NBFCs) sell-off came as a surprise, especially with growing optimism around rate cuts. However, she believes that liquidity, rather than rate cuts alone, will be the key driver of credit growth. “What would push the credit offtake for NBFCs has more to do with the liquidity scenario,” she explained.
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She also welcomed the RBI’s move to open up co-lending arrangements to all regulated entities for all types of loans, calling it “a material positive” that will encourage deeper bank-NBFC collaboration and improve credit availability across segments.
For the entire interview, watch the accompanying video
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