As credit crunch bites, Indians pawn off family gold for quick funds

Topics banking crisis | NBFCs | Bank loans

Refused a loan by a state-run lender and desperate for funds to buy cotton seeds before the summer sowing season window closed, Indian farmer Babasaheb Mandlik ran out of choices — he pawned his wife's gold jewellery.

Mandlik, who owns an 8-acre cotton farm in western India, pledged 70 grams of gold, almost all of his wife's precious trinkets, in June in return for Rs 1,50,000 ($2,105). "Pawning the jewellery was a difficult decision as my wife likes to wear it at festivals and weddings," 50-year-old Mandlik.....

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