Arvog Partners With Augmont Gold For All To Provide Easy-To-Use Gold Lending Services To NBFCs

January 10, 2022 4:53 PM STI

Bombay (Maharashtra) [India], Jan. 10 (ANI / BusinessWire India): Arvog is a diversified, modern, smart technology-based venture capital finance and growth investment firm providing simple but relevant financial products and services .
It is an NBFC registered with the RBI since 1984. It is listed on the ESB. Arvog is a new age fintech focused on acquiring retail clients through smart partnerships for education loans, payday loans and MSME loans.
Arvog now offers gold loans in partnership with Augmont Gold For All, the first Indian gold platform. It is a unique solution for gold. While Augmont’s representatives provide gold lending services at the customer’s doorstep, Arvog provides the financing. The gold is stored in the safekeeping of vaults appointed by Arvog.

According to KPMG’s 2019 report, the Indian gold lending market was estimated at around 10 lac crore while gold prices were 3,800 rupees per gram. Since Covid hit India, this market has grown faster and faster, with people resorting to emergency funding to meet their daily and health needs. In addition, the increase in the price of gold, which currently stands at around Rs 5,000 per gram, has also helped Indian households who hold an estimated 24,000 tonnes of gold.
Priyank Kothari, Director of Arvog, said: “According to the KPMG report, around 65% of the market was still unorganized and was increasingly moving towards organized markets. The Arvog-Augmont partnership aims to capture this market with the use of the latest technologies. and its application allows live tracking of gold packages and instant disbursements from Arvog. Augmont also allows faster and more accurate valuation of gold with its native technology and skills – the problem for most banks. The use of technology helps prevent fraud and counterfeit gold. We are very optimistic and are aggressively expanding the gold loan portfolio while maintaining full risk control. “
This story is provided by BusinessWire India. ANI will not be responsible for the content of this article in any way. (ANI / BusinessWire India)

About Edward Fries

Check Also

New Residential Investment Corp. (NYSE:NRZ) Expected to Report Quarterly Sales of $241.55 Million

Brokers expect New Residential Investment Corp. (NYSE:NRZ- Get a rating) will post sales of $241.55 …