Muthoot, Manappuram surge on RBI's draft rules for payments banks

Reuters Market Eye - Shares of non-banking financial companies, which take gold as collateral, surge after the central bank issued draft guidelines for those seeking a licence to set up a payments banks or a small bank.

Muthoot Finance Ltd surges 6.9 percent, while Manappuram Finance Ltd is up 4.4 percent.

These lenders would qualify as those allowed to apply for payments bank licences, traders say.

(Reporting by Abhishek Vishnoi)