Alternative investment: Gold jewellery is displayed at a shop in New Delhi. Bank borrowers are increasingly pawning their family jewellery to get cash amid a fundraising crunch. — Reuters
MUMBAI: As the shakeout in India’s credit market shows few signs of abating, one group of financiers is benefiting from the turmoil: shadow banks that provide loans in exchange for gold.
In a country deeply attached to the precious metal, whose people stockpile more gold than citizens of any other country, borrowers are increasingly pawning their family jewellery to get cash amid a fundraising crunch.
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