2022 Gold Lending Portfolio Outlook: Broad Scope of Gold Lending Lending for NBFCs and Banks, According to Muthoot Finance MD | Gold News
New Delhi: Gold, still viewed as a safe haven for investments in uncertain times, is likely to be the first haven for investors amid the ongoing pandemic.
George Alexander Muthoot, MD, Muthoot Finance in an exclusive conversation with Reema Sharma of Zee Media said, as the nascent economic recovery slowly takes root, 2022 will be an important year to watch amid the challenges posed by new variants of Covid.
Although the coronavirus pandemic and the spread of the Omicron variant have once again come to haunt investors, the recovery in India’s economy will keep sentiment buoyant.
“As the economy returns to normal, demand for credit from the MSME sector has increased and we are optimistic that the 15% growth forecast for fiscal 22 will be achieved,” said George Alexander Muthoot.
He further added that gold loans emerged as the easiest and fastest source of credit for the business world during the pandemic, people pledged their adornments to get short term loans.
“India is the biggest consumer of gold and we believe there is huge potential for gold lending for NBFCs and banks. While the opportunity for gold loans will only grow larger in the years to come, we also aim to become a one-stop-shop for our consumers by offering them a variety of financial services, whether it is loan to gold, personal loan, mortgage, money transfer. , insurance, consumer durable loans / 2W / 4W and gold coins. We have launched several digital initiatives such as mobile app, point of sale, online gold lending, gold lending via prepaid cards for disbursement and repayment and 2022 will also see continued attention on the digital front, ”said.
He added that the gold finance industry is also excited to witness the emergence of trends such as the digitization of gold, lending against digital gold, secured gold credit cards and gold wallets in the coming year.