RBI Boosts Gold NBFCs: Manappuram, Muthoot Finance Shares Surge on Branch Rule Waiver

• RBI proposes waiving prior approval for gold NBFCs with over 1,000 branches to open new branches.
• This move is positive for gold financiers like Manappuram Finance, Muthoot Finance, and IIFL Finance.
• Previously, NBFCs-ICCs with over 1,000 branches needed RBI's prior approval for new branches.
• The proposal removes a regulatory overhang, making it easier for these companies to expand.
• Muthoot Finance, Manappuram Finance, and IIFL Finance saw their shares rise up to 2%.