Citing reports, the Congress leader said an estimated Rs 3 lakh crores in gold loans have been taken out by the Indian families and are outstanding as of today.”It now emerges that with rising indebtedness and a slowing economy, families are increasingly defaulting on these gold loans,” Ramesh said.”The proportion of gold loan NPAs rose 30 percent from Rs.5,149 crore to Rs.6,696 crore in the three months between March and June 2024. And these are just the formal sector gold loans? there’s no estimate of how many families have taken recourse to the informal sector,” he said.”When families default on these loans, they often lose the underlying gold asset’ in most cases, the woman’s jewelry, including the mangalsutra,” the Congress leader claimed.
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