Rupeek's initiative to boost gold monetisation

Hyderabad MOST of India's population relies on gold as an asset that can be utilised at any point of time in future and to convince these sections of the society that the gold put aside in lockers can be monetised, Rupeek, an asset backed digital lending platform has conducted virtual programme with experts and change makers to share their perspectives on how the ecosystem can leverage technology to monetise India's $2 trillion gold thereby, solve the credit pain points for a billion Indians.

The programme opened with a special keynote delivered by Former Deputy Governor of RBI, MR Gandhi, followed by an intriguing fireside chat between one of the world's 100 most powerful women', Arundhati Bhattacharya, Chairperson and CEO of Salesforce India and Sumit Maniyar, Founder and CEO of Rupeek discussed on perceptions of gold as an investment.

Sumit Maniyar, Founder and CEO, Rupeek said, "Technology and innovation are the two cornerstones for building India's gold monetisation infrastructure. The Gold Teller Machine, Digilocker, the Gold powered Credit Card and the Buy Now Pay Later products put together truly are going to create the foundation on which this country's gold is going to get monetised. At Rupeek, we are focussed on this vision and we're very excited to bring this to as many customers as possible."

The digital platform has introduced its line of tech led product offerings such as doorstep gold loans are available in the market and Digi Locker and Buy Now Pay Later (BNPL) are going to be launched soon. Gold Powered cards and Gold Teller Machine (GTM) are currently in the pilot stage.

Former Deputy Governor of Reserve Bank of India, R Gandhi, backed the point on the need for monetising gold for economic growth. He added, "Emerging economies like India need a lot of capital for ushering in consistent high growth, which will lead to higher standards of living for its population. Every rupee saved by households in the form of gold should be funneled towards investment as capital, through the mechanism of Gold Monetisation, thereby reducing the need for import of capital from foreign countries."

The four areas that play pivotal role are identified as first, scaling from 35 cities to 150 cities enabling access to all the key GoMon related product offerings, second, leveraging technology and AI to monetise gold, third, empowering individuals and businesses as they continue to embark on their formal credit journey in realising their dreams, finally, playing an instrumental role in nation building by working closely with the Government authorities, RBI and other institutions.