A great victory for Tamil Nadu

The Reserve Bank of India (RBI) has recently released the draft guidelines. As per it, a gold loan should be given only up to 75% of the value of gold jewelry based on its monthly average. Unlike the previous times, one cannot pledge any jewel. They need to show the proof of ownership i.e., receipt of the jewelry that includes the name of the borrower and their father.
Tamil Nadu ranks second among the states in availing gold loans. Hence, it opposed the RBI guidelines severely. All the political parties including AIADMK, DMK, TVK, AMMK, CPI and CPM opposed the guidelines openly, and even the agricultural wing of the DMK announced a protest. Madurai MP Su Venkatesan met the finance minister Nirmala Sitharaman in person and expressed his displeasure. In a written statement, Chief Minister MK Stalin requested her to relax the restrictions imposed on gold loans.
It looks like the opposition and displeasure of Tamil Nadu reached the ears of the union government, who in turn urged the RBI to consider bringing in some relaxations in the guidelines. Subsequently, the RBI has announced that it would postpone the implementations of the regulations on gold loans until January. It has also clarified that the regulations are not applicable to those who mortgage gold jewels for a value less than Rs 2 lakh. It also assured that views of all political parties would be considered before enforcing the regulations.  
It is to be noted that no states except Tamil Nadu have recorded their opposition against gold loan regulations. Tamil Nadu has always been at the forefront in working for the welfare of the public, without expecting support from others. Similarly, it has also helped other states by raising their voice.
The RBI’s relaxation has brought in a sense of relief to economically backward communities. Tamil Nadu’s voice has hit the right ears at the right time.