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ALL THAT GLITTERS

Gold financiers are a bright spot in India’s crisis-hit financial sector

Gold-India-NBFCs
REUTERS/Stringer
A perfect cushion.
  • Prathamesh Mulye
By Prathamesh Mulye

Writer, banking and economy

India’s shadow banking industry is going through one of its worst-ever crisis. But there are some players in the sector who have emerged as outliers.

Non-banking financial companies (NBFCs) that give loans by taking gold as collateral are not only beating the economic downturn but are also growing at a scorching pace.

Two major gold loan financiers—Muthoot Finance and Manappuram Finance—reported stellar results in the March quarter. Subsequently, their stock prices sky-rocketed and are nearing their record highs.

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