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Allow gold backed saving products: WGC
By Our Staff Correspondent
MUMBAI,
FEB. 16.
The Reserve Bank of India should allow banks to offer gold backed savings products so that part of these investments can be channelised through the more regulated banking sector. "It is imperative that banks be allowed to offer gold backed savings and investment products so that part of the flow of savings into physical gold remain in the more regulated banking sector,'' said Sanjeev Agarwal, Managing Director, Indian Subcontinent, World Gold Council, while enumerating the pre-budget recommendations for the gold industry.
Mr. Agarwal also recommended that Indian banks be allowed to give `gold' loans which at present are 4-5 per cent lower than rupee loans. This would help jewellers reduce their working capital costs and hence reduce the cost of gold jewellery to consumers.
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