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of <h1>RBI Reiterates: Urban Co-operative Banks Cannot Grant Loans for Gold Purchases to Curb Speculative Demand and Imports.</h1> The Reserve Bank of India (RBI) has reiterated that Urban Co-operative Banks (UCBs) are prohibited from granting advances for the purchase of gold in any form, including bullion, jewellery, and gold coins, due to concerns over rising gold imports and speculative demand. While UCBs can provide loans against pledged gold ornaments, these should not be classified as priority sector advances unless they meet specific criteria related to the loan's purpose and amount. The RBI emphasizes that loans should not be used to finance gold purchases, aiming to curb speculative activities in the gold market.
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