In the first half of FY25, banks reported a 43.4% increase in gold loan disbursements due to high gold prices, leading to a total outstanding amount of Rs 147,081 crore by September 2024. The RBI flagged deficiencies in gold loan practices, prompting a review of policies and processes, including issues like third-party sourcing, inadequate due diligence, and incorrect application of risk-weights. The central bank also noted concerns over cash disbursal, short loan durations, and lack of transparency during auctions, urging lenders to improve their practices to mitigate risks.
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Russia must accept proposal for 30-day ceasefire: French President Macron
French President Emmanuel Macron urged Russia to accept the US-brokered proposal for a 30-day ceasefire in Ukraine, stressing the need to end atrocities. Macron criticized Russia for delaying statements and assured France's unwavering support for Ukraine's peace efforts, announcing a video conference with partners to address the issue. Full Article
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