TN Minister, CFO Information, ETCFO
Chennai, Tamil Nadu Finance Minister Thangam Thennarasu on Thursday urged the Reserve Financial institution of India to instantly withdraw the newly imposed restrictions on gold loans and stated the transfer would impression the poor and middle-class households depending on such loans. The RBI’s draft pointers on prudential norms have been a blow to the widespread man, he stated.
“Decreasing the loan-to-value ratio to 75 per cent (from 80 per cent beforehand) and burdening debtors with extreme documentation gravely impacts the poor and middle-class households who rely upon such loans throughout emergencies,” the minister stated in a put up on the social media platform ‘X’.
Additional, he stated, at a time when folks have been nonetheless reeling from the sooner rule that disallowed re-pledging till full reimbursement, the introduction of 9 extra inflexible pointers was deeply insensitive. “These measures quantity to systemic injustice in opposition to the susceptible. The RBI should undertake compassionate, people-centric insurance policies,” Thennarasu confused.
