Refused a loan by a state-run lender and desperate for funds to buy cotton seeds...
AURANGABAD/MUMBAI, India - Refused a loan by a state-run lender and desperate for funds to buy cotton seeds before the summer sowing season window closed, Indian farmer Babasaheb Mandlik ran out of choices - he pawned his wife’s gold jewelry.
“Pawning the jewelry was a difficult decision as my wife likes to wear it at festivals and weddings,” 50-year-old Mandlik told Reuters. “I convinced her that we didn’t have any other option.” Indians’ penchant for gold spans centuries and is rooted in the Hindu religion. Households own an estimated collective 25,000 tonnes of gold, which passes from one generation to the next.
Those pawning their precious possessions are most often independent workers, including farmers and small shop owners. Ashutosh Khajuria, the chief financial officer of Federal Bank Ltd , a private lender headquartered in south India, said its gold loan portfolio was at an all-time high of around 80 billion rupees and is expected to grow further.Indian shadow banks began to face a liquidity crunch following the collapse late last year of Infrastructure Leasing & Financial Services, a major player in the non-banking financial companies space.
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