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Shares of India's gold-based finance companies soared on Thursday after the central bank eased rules on amounts they could loan in return for gold deposits. The Reserve Bank of India (RBI) on Wednesday allowed non-banking finance companies to lend up to 75 percent of the value of gold jewellery deposited with them, increased from 60 percent. "It has been decided to raise the loan-to-value ratio to up to 75 percent for loans against the collateral of gold jewellery from the present limit of 60 percent with immediate effect," the RBI statement said on its website. India, which rivals China as the world's biggest gold consumer, has been attempting to reduce gold demand to narrow its current account deficit, including by hiking bullion import duties.
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