Finance Minister Sitharaman Announces SPMCIL's Refined Gold Deliveries to RBI in FY25

SPMCIL delivered 3.4 metric tonnes of refined gold to RBI in FY25, with 1,200 crore banknotes and 150 crore circulation coins produced in the same year. The gold was refined from seizures transferred by the Customs department, with SPMCIL also refining silver and gold received from institutions such as Tirumala Tirupati Devasthanams and Vaishno Devi Shrine Board. The Finance Minister highlighted the importance of currency notes and coins despite the growth of digital payments and fintech adoption.

L&T Finance Ltd. (LTF), a leading Non-Banking Financial Company (NBFC) in India, has completed the acquisition of the gold loan business of Paul Merchants Finance Private Ltd. (PMFL), a wholly owned subsidiary of Paul Merchants Ltd. The acquisition includes 130 branches, approximately 700 employees, and a gold loan book size of Rs. 1,350 Crore [1].

The acquisition aligns with LTF's five-pillar strategy, which includes enhancing customer acquisition and expanding product offerings. Mr. Sudipta Roy, Managing Director & CEO of LTF, stated, "This acquisition is a natural contiguous cross-sell product extension of our business. Our rural workforce of 20,000 feet-on-street will provide an immediate force multiplier, enabling active generation of gold loan leads within our existing customer base" [1].

The gold loan business will fill a crucial gap in LTF's portfolio, introducing a secured, high-yield product that will benefit both rural and urban customers. Mr. Sat Paul Bansal, Chairman and Managing Director of PMFL, expressed pride in building a strong, compliant, and customer-centric gold loan business and believes LTF is the ideal partner to take this legacy forward [1].

The acquisition is part of LTF's philosophy of risk-calibrated inorganic growth, addressing a critical capability gap, ensuring an easily integrable business model and people profile, and being available at attractive valuations [1].

References:
[1] https://www.thehindubusinessline.com/markets/share-market-nifty-sensex-live-updates-9-june-2025/article69671149.ece