SBI’s gold loan portfolio crosses Rs 1 lakh cr-mark

Mumbai: The country’s largest lender State Bank of India (SBI) on Friday said its gold loan portfolio has crossed Rs 1 lakh crore mark for the first time, chairman Dinesh Khara said on Friday.

The lender, which has a 24 percent market share in gold loans, is bullish on growth in the segment as the asset class provides investors a safe investment option amid rising inflation.

”Last week, we crossed Rs 1 lakh crore portfolio in gold loans for the first time. In the first quarter of the current year, we have seen much better growth as compared to what we have achieved in the past. I expect that in the current year we should be in a position to grow well in this particular segment,” Khara told reporters on Friday.

He said in the case of inflationary conditions, gold, as an asset class, becomes more favorable.