Poonawalla Fincorp forays into gold loan biz with quick financing solutions

Cyrus Poonawalla-promoted Poonawalla Fincorp on Tuesday said it has forayed into the gold loan business, aiming to offer fast gold-backed financing solutions for both individuals and businesses, catering to a range of financial needs, including business expansion, agricultural expenses, and personal requirements.

 

Incidentally, Poonawalla Fincorp’s entry into the gold loan business comes after the Reserve Bank of India (RBI) released draft guidelines on gold loans, which, if implemented in the current form, are expected to hurt gold loan growth of non-banking financial companies (NBFCs), according to analysts.

 

On Tuesday, shares of Poonawalla Fincorp closed 4.4 per cent higher at Rs