The Reserve Bank of India has issued amendments to the Gold Metal Loan (GML) Scheme, updating the framework for banks, jewellers and entities linked to the Gold Monetisation Scheme (GMS). The revised Directions, effective from 1 April 2026 or earlier if adopted, aim to widen access while tightening oversight and risk controls.

Under the updated rules, nominated banks may now extend import-linked GML to jewellers, while GMS-linked GML will be available to both jewellers and MMTC for the minting of India Gold Coins. Banks have been directed to set internal lending and risk policies for GML, including per-borrower exposure caps.

Daily valuation has been mandated, with all GML to be marked to INR using the LBMA Gold AM price and the RBI’s USD reference rate. Borrowers will not carry any liab

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