Speaking about the easing, Muthoot Finance CEO said bullet payment does not tend to affect asset quality of a company.
The Reserve Bank of India had doubled the amount of loan furnished by cooperative banks under the Gold Loan Bullet Repayment scheme to Rs 2 lakh . Earlier, all state and central cooperative banks were permitted to grant gold loans up to Rs 1 lakh with bullet repayment option.
Speaking about the easing, Muthoot Finance CEO George A. Muthoot said bullet payment does not tend to affect asset quality of a company. He added that the apex bank has been relaxing norms for gold loan companies over the past years two years. The easing will help the company achieve 15 percent growth in gold loans going forward, he added.
In a notification issued on Thursday, the RBI said loans with a bullet repayment will have a maximum maturity of 12 months and the loan-to-value ratio should will be 75 percent of the gold pledged.
See accompanying video for full interview
Muthoot Finance stock price
On January 09, 2015, at 14:13 hrs Muthoot Finance was quoting at Rs 197.55, up Rs 1.05, or 0.53 percent. The 52-week high of the share was Rs 221.00 and the 52-week low was Rs 120.25.
The company's trailing 12-month (TTM) EPS was at Rs 18.26 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 10.82. The latest book value of the company is Rs 107.88 per share. At current value, the price-to-book value of the company is 1.83.
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