Courtesy: The Business Standard
Discrimination faced by Mumbaikars...
If the housing societies in Mumbai (Bombay) are only meant for families (married couples), then the government of Maharashtra should make marriage compulsory in the state/city.
Or else the government should tell its citizens where will Unmarried, Divorcees, Bachelors, Spinsters live in the city of skyscrapers or is Bombay only for those who have families.
This is one of the greatest mental blocks of Mumbaikars, who otherwise want to bask in the FALSE HALO of Cosmopolitanism.
This disease (of not giving apartments to Bachelors, Muslims, etc on rent) is specially prevalent in housing societies where the Gujaratis, Marathis and North Indians (to some extent) abound; while the rest of the population is more or less okay with the concept.
The government of Maharashtra should take this matter seriously and devise laws to eradicate this malice ASAP, so that BOMBAY (and its suburbs) becomes free of discrimination based on Marital Status, Religion, etc. Or else the Honourable Supreme Court of India should step in, and give directions to the state or central governments -- so that the fundamental rights of its citizens enshrined in the constitution of India is not violated.
Tuesday, January 21, 2014
RBI caps banks' gold loan- to-value ratio at 75%
[Editor: This is a positive news for the Gold Loan Companies like Mannapuram Finance Ltd (Rs.20.70), Muthoot Finance Ltd (Rs.133.90) and Shree Ganesh Jewellery House (I) Ltd (Rs.26.70)]
Kolkata January 21, 2014: The Reserve Bank of India on Monday barred banks from offering gold loans worth more than 75 per cent of the value of gold jewellery and ornaments. It is felt the move is aimed at ensuring a level playing field between banks and non-banking financial companies (NBFCs) offering such loans.
“As a prudential measure, it has been decided to prescribe a loan-to-value (LTV) ratio not exceeding 75 per cent for banks’ lending against gold jewellery (including bullet repayment loans against pledge of gold jewellery),” the central bank said in a notification.
Initially, RBI had restricted the LTV ratio for gold loan NBFCs at 60 per cent. But last week, it had increased the cap to 75 per cent. Banks, on the other hand, had no such LTV cap on their advances against gold.
Bankers claim most banks have been keeping a 20-25 per cent margin while offering gold loans to customers. “Previously, there was no cap. But most banks have been maintaining an LTV ratio of 75-80 per cent on gold loans. The new restriction is unlikely to change the operating environment,” a senior executive in charge of the gold loan business of a mid-sized private bank, said on condition of anonymity.
M Narendra, chairman and managing director, Indian Overseas Bank, said this was a step towards providing a uniform regulatory framework for entities involved in the gold loans segment. Banks have been more conservative in offering such loans (average 60-65 per cent of the value of gold).
The central bank also said to standardise the valuation and make it more transparent for borrowers, gold jewellery accepted as collateral would have to be valued at the average closing price of 22-carat gold for the preceding 30 days, as quoted by the India Bullion and Jewellers Association.
“If the gold is of purity less than 22 carats, the bank should translate the collateral into 22-carat and value the exact grammes of the collateral. In other words, jewellery of lower purity of gold shall be valued proportionately,” it said.
Courtesy: The Business Standard