Forum seeks nomination facility for jewel loans

To facilitate those availing gold loans from banks, Empower, the Centre for Consumer, Environment Education, Research and Advocacy has sought the introduction of nomination facility. The executive director of the Centre, A Sankar on Tuesday tweeted Union Finance Minister Nirmala Sitharaman requesting her to instruct the Reserve Bank of India to introduce nomination facility for jewel loans. In case of death of the borrower, several formal procedures need to be done and it takes a long time. Citing these, he sought to introduce the nomination facility.