Manappuram General Finance & Leasing has taken big bashing today. The reason for this fall is notification that came from the Reserve Bank of India yesterday. The Reserve Bank said that advances given by banks to NBFCs for loans that are provided to farmers against gold jewellery, will not be treated as priority sector lending. So this would mean that perhaps Manappuram General Finance will not get priority sector loans any more and that would mean a rise in interest costs.
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