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Tamil Nadu Chief Minister MK Stalin has written to Union Finance Minister Nirmala Sitharaman, urging the removal of strict RBI regulations on gold loan collateral. He expressed concern that the tough norms are adversely affecting farmers, poultry owners, and those in the fisheries sector who traditionally rely on gold loans for short-term agricultural needs.
Stalin questioned the rationale behind enforcing such stringent rules and warned that borrowers are now unable to secure loans matching the value of their pledged jewellery. He requested the Finance Minister to intervene and direct the RBI to withdraw the restrictions to protect the livelihoods of affected communities.
