Tamil Nadu Chief Minister MK Stalin on Friday welcomed the central government’s response to the Reserve Bank of India (RBI) on the draft instructions of the Reserve Bank of India and repeated the need for prior consultation with the states on policies affecting the poor. Stalin said in a post on the social media platform X that it was happy to know that Finance Minister Nirmala Sitharaman has responded to the concerns raised in my letter to the Honorable Union Finance Minister regarding the RBI draft guidelines on the gold loan.
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He further said that it is constantly demanding to protect the interests of small borrowers, especially farmers and daily earners who take loans less than Rs 2 lakh and to ensure timely and accessible loans. The Chief Minister said in a post that while appreciating the positive views given on the issue, we emphasize that such policies that have significant impact on the poor should be made only after proper, prior consultation with the states.
The response came after a letter to the central government on May 28 by Stalin, in which he expressed concern over the proposed guidelines of RBI.
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He had said that this would provide improper restrictions on gold loans and affect the loans of poor and middle class families. In the letter, Stalin emphasized the cultural and financial importance of gold among the people of Tamil Nadu, saying that our people are simple, dignified and flexible. Even when they have only half the rupee, they still protect it carefully, adding a little until they buy a single gold pearl. Not for showing. Not for luxury. But for emergency situations – moments when there is no one else. This is not decorative gold. This is their shield against the uncertainties of life.
