Customers planning to
opt for gold loans of more than Rs 5 lakh will soon have to furnish
their PAN numbers, the working group of the Reserve Bank of India (RBI)
recommended to the gold loan companies. “The working group recommends
that gold loan NBFCs may obtain a copy of PAN card in all the loan
proposals exceeding R5 lakh to strengthen the mechanism of KYC (Know
Your Customer),” said the RBI report.
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