New Delhi: Gold is shining brighter than ever and few are benefitting more from its meteoric rise than India’s billionaire Muthoot family. As gold prices soar, people are rushing to pledge their jewelry for quick loans and the family’s nearly 90-year-old gold-loan empire is cashing in. The surge in demand has sent the company’s stock to an all-time high, lifting the Muthoots’ combined wealth past 13 billion dollars, according to the Bloomberg Billionaires Index.

India’s Shadow Banks Ride the Gold Wave

Muthoot Finance Ltd.’s meteoric rise highlights the growing power of India’s shadow banking sector, which is quietly driving much of the country’s economic momentum. Gold loans, in particular, have taken off in a big way, soaring 35 per cent in the 12 months ending June to 13.4 trillion ru

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