Inside India newsletter: Gold loans are thriving in India — and attracting global investors
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Gold-backed lending, a billion-dollar industry, is reshaping India’s retail credit landscape and drawing global investors to the sector.
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Monday - Friday, 11:00 - 12:00 SIN/HK | 0500 - 06:00 CET Inside India Inside India newsletter: Gold loans are thriving in India — and attracting global investors Published Thu, Mar 19 2026 12:03 AM EDT Updated 7 Min Ago Priyanka Salve WATCH LIVE Key Points Indian households own nearly 34,000 tons of gold worth about $5 trillion. Global PE firm Bain Capital got RBI approval to buy up to 41.7% stake in Manappuram Finance, India's second‑largest gold loan provider, in February. Higher bullion prices have increased the value borrowers can unlock with the same amount of metal, making gold loans more appealing. In this article XAU= MANAPPURAM-IN MUTHOOTFIN-IN USB Follow your favorite stocks CREATE FREE ACCOUNT This report is from this week's "Inside India" newsletter, which brings you timely, insightful news and market commentary on the emerging powerhouse — Subscribe today Hello, I am Priyanka Salve, writing to you from Singapore. Welcome to the latest edition of Inside India — your one-stop destination for stories and developments from the world's fastest growing large economy. This week, I unpack what's driving the rapid surge in gold‑loan growth in the world's second‑largest bullion market. Loans against gold are a multibillion‑dollar industry in India, powered by households holding $5 trillion in bullion. Enjoy! Any thoughts on today's newsletter? Share them with the team. The big story Indian households are sitting on a mountain of gold. They own more than 34,000 tons of the yellow metal, as per a Morgan Stanley report from October last year, with Kotak Mahindra Bank pegging its value at about $5 trillion. That vast reserve is now powering one of the fastest-growing lending segments in India. As other forms of consumer credit slow, gold loans have surged, driven by tighter banking rules for unsecured loans, a sharp rally in global gold prices, improved access, and perhaps a rising financial stress among households. While about 90% of Indian households' hoardings are...
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