edited by: Namit Singh Sengar
Last Update: February 23, 2023, 13:36 IST
The bank plans to open 50 more gold loan branches in this financial year ending March 31, 2023.
The bank was offering gold loans through its 400 branches till March 31, 2022.
Kotak Mahindra Bank on Thursday announced that it has opened 100 gold loan branches so far in the current financial year.
Till March 31, 2022, the bank was offering gold loans through its 400 branches.
With the addition of new gold loan branches this financial year, Kotak Mahindra Bank now offers gold loans through its 500 branches spread across 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 & Head, Commercial Banking, Kotak Mahindra Bank said, “We are delighted to open 100 Gold Loan branches covering an additional 49 cities during this financial year. Gold Loan has emerged as one of the most preferred ways of availing finance to meet personal as well as business needs.”
“Indians have idle gold and with gold prices rising, gold loans have become an attractive proposition. Demand is coming from people moving away from unorganized sources of finance, such as moneylenders as well as moneylenders. This This is due to greater awareness about the risks associated with unregulated sources of finance offered by pawnbrokers at relatively higher interest rates. We expect this trend to continue in the times to come.’
India is one of the world’s major consumers of gold.
Meanwhile, gold futures opened in the red on February 23. The precious yellow metal was priced at 10:20 am on the Multi Commodity Exchange (MCX). India Was trading at Rs 55,892, down 0.34 per cent.
Read also: Want to Invest in Gold? Know about these government schemes
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