Tata Capital's decision to buy an 88.6% stake in Kerala-based Yogakshemam Loans Ltd (Yogloans) is a sign of where India's lending industry sees its next growth engine. As unsecured retail credit slows and regulators tighten oversight, lenders are increasingly gravitating towards secured products that offer strong yields with relatively low credit risk. Few segments fit that description better than gold loans. Gold loans are no longer viewed as a niche product concentrated in southern India but as a mainstream retail lending opportunity with national scale. Tata Capital's entry also comes at the time of a radical behavioural shift when Indians, especially Gen Z, no longer attach heavy emotional value to family gold.
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