CHENNAI: The Cooperative Department has ordered to increase the maximum loan amount for 1 gram of gold jewelry mortgage in cooperative banks and agricultural co-operative credit societies to 3800 rupees.
Cooperative Credit Societies operating under the Cooperative Sector are financed through ‘deposits’ paid by the general public and loans from NABARD Bank. Loans are provided under 17 categories including crop loan and jewelery loan from the fund.
Co-operative banks are allowed to provide loans to cooperative societies up to a maximum of Rs 3500 per gram.
According to the prevailing market conditions in their area, each cooperative bank and society provides loan between 3200 rupees to 3700 rupees per 1 gram of gold.
From December 13th, the cooperative department has fixed the maximum loan amount for 1 gram of gold at 3800 rupees.
It has also been informed that not more than 75 percent of its value should be given for 1 gram.
Apart from this, the interest rate for senior citizen deposits for one year and above has been increased from 7 – 7.50 per cent to 7.25 – 7.75 per cent.
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