Soft Credit : Credit Cards & Gold Loans

Soft credit This refers to the report "Credit card spends in January at over Rs1-lakh cr for 11th month in a row : RBI" (The Hindu Business Line, February 28). Accidentally, my thought got mixed up with the one page advertisement on page 7 about the auction of gold articles by a finance company. While banks and financial institutions do the business of resources mobilisation and lending, one wonders whether the clientele on the other side of the table get adequate information inputs to plan their finances judiciously. If they received appropriate guidance, a section of the credit card users would have shifted to debit cards and a large number of gold loan beneficiaries would have started selling and buying gold in the market, instead of pledging and redeeming their jewellery for management of temporary financial liquidity issues. M G Warrier Mumbai

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