Gold bank is necessary for the use of gold lying in the house, former deputy governor of RBI made gold

Gold Banks: Gold Bank Gold Banks can open in the country soon. Former Deputy Governor of Reserve Bank of India (RBI) R. Gandhi has suggested the establishment of a Gold Bank in the country. He has said that people have huge amount of gold lying in their homes which is not being used. In such a situation, the establishment of a gold bank will help in monetizing the gold deposited in the homes.

According to the former deputy governor, if gold is to be successfully monetized for the betterment of the country’s economy, then it has to change its thinking towards gold kept in the form of jewellery. He said, according to an estimate, about 23-24 thousand tonnes of gold are lying near the houses and religious institutions of the country. However, he also admitted that it is not that easy to change the mindset of people in India to buy physical gold.

R Gandhi said that, ‘This may be the time to revive the concept of Gold Banks. This will be a bank that will accept gold deposits as well as give gold loans. He said that Gold Banks will play a big role in monetizing the gold kept in homes.

According to R Gandhi said that there will be some regulatory requirements, including bank license policy, to set up a gold bank. He pointed out that an emerging economy like India would require a lot of capital to maintain a high growth rate. Gold Bank will have a big role in fulfilling this.

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