Chennai: Public sector lender Indian Bank expects its gold loan book to cross Rs 1.5 lakh crore in the current financial year, supported by robust demand for the product.
"Gold loan is safe lending for banks...it is not a consumption loan, but mostly it is income-generating and also helps small businesses to grow. Last year, we saw very significant growth of 30 per cent in the segment due to a jump in gold prices. It will be slower this year as there is a 30 per cent decline in gold prices," Indian Bank MD and CEO Binod Kumar told PTI in an interaction.
