{"id":6523,"date":"2015-01-28T15:01:00","date_gmt":"2015-01-28T15:01:00","guid":{"rendered":"http:\/\/localhost\/sccblog\/?p=6523"},"modified":"2015-10-15T16:02:13","modified_gmt":"2015-10-15T10:32:13","slug":"complaint-alleging-anti-competitive-practices-by-12-banks-in-gold-loan-business-dismissed","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2015\/01\/28\/complaint-alleging-anti-competitive-practices-by-12-banks-in-gold-loan-business-dismissed\/","title":{"rendered":"Complaint alleging anti-competitive practices by 12 Banks in gold loan business, dismissed"},"content":{"rendered":"

Competition Commission of India (CCI):\u00a0<\/b>CCI has rejected an information filed by Muthoot Mercantile Ltd. alleging that 12 commercial banks including State Bank of India had entered into an anti-competitive arrangement to determine the price and control the gold loan business and formed a cartel for offering and marketing gold loan products. Other banks which were included are IDBI, Canara Bank, Indian Overseas Bank, Federal Bank, South Indian Bank, Central Bank of India, Syndicate Bank, Vijaya Bank, Dhanlaxmi Bank, State Bank of Travancore and Catholic Syrian Bank. Muthoot Mercantile Ltd., in its information had contended that all the 12 Banks were forming a cartel and launching a new gold loan product viz<\/i>. agri-gold loan at the rate of four percent (4%) thereby causing adverse\/detrimental effect on the informant and other similarly situated NBFCs dealing in gold loan. Informant also alleged that offering loans at the rate of 4% under the guise of agricultural loan against the pledge of gold, is abuse of Interest Subvention Scheme of the Government of India as even RBI had clarified that the benefit of Interest Subvention Scheme was not meant for agri-gold loans or gold loan. After perusing the record, CCI observed that there was no material on record which is indicative of any collusion or concerted practice on the part of the Banks which can be said to be in contravention of the provisions of Section 3 of the Act or can be termed as anti-competitive. While rejecting the contention of the informant, CCI observed that prima facie, no case of contravention of the provisions of either Section 3 or Section 4 of the Competition Act, 2002 has been made out against the banks and dismissed the information. (Muthoot Mercantile Ltd. v. State Bank of India,\u00a02014 CCI 77<\/a><\/span>, decided on December 30, 2014)<\/p>\n","protected":false},"excerpt":{"rendered":"

Competition Commission of India (CCI):\u00a0CCI has rejected an information filed by Muthoot Mercantile Ltd. alleging that 12 commercial banks including State Bank <\/p>\n","protected":false},"author":3,"featured_media":7321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11],"tags":[2505],"class_list":["post-6523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tribunals_commissions_regulatorybodies","tag-Competition_Commission_of_India"],"yoast_head":"\nComplaint alleging anti-competitive practices by 12 Banks in gold loan business, dismissed | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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The Informant filed information alleging abuse of dominance by SCB in credit card service facility. It was alleged that\u2026","rel":"","context":"In "Tribunals\/Commissions\/Regulatory Bodies"","block_context":{"text":"Tribunals\/Commissions\/Regulatory Bodies","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/tribunals_commissions_regulatorybodies\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":331077,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/09\/18\/rbi-imposes-penalty-amounting-lakh-muthoot-vehicle-asset-finance-ltd-failing-comply-with-provisions-rbi-directions-legal-news\/","url_meta":{"origin":6523,"position":1},"title":"RBI imposes penalty of Rs. 7.9 lakh on Muthoot Vehicle & Asset Finance Ltd. for non-compliance with Liquidity Risk Management Framework and RBI Directions for NBFCs","author":"Editor","date":"September 18, 2024","format":false,"excerpt":"Apart from failing to disclose information regarding LCR and conveying the loan amounts sanctioned, MVAFL also failed to submit data of gold loan customers.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Reserve Bank of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":369127,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/12\/08\/rbi-amendments-gold-metal-loan-scheme-2025\/","url_meta":{"origin":6523,"position":2},"title":"RBI Streamlines Gold Metal Loan Regulations: Key Takeaways","author":"Shubhi","date":"December 8, 2025","format":false,"excerpt":"RBI issues amendments to Gold Metal Loan Scheme to streamline regulations, expand scope, and boost ease of doing business.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Gold Metal Loan Scheme","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Gold-Metal-Loan-Scheme.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Gold-Metal-Loan-Scheme.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Gold-Metal-Loan-Scheme.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Gold-Metal-Loan-Scheme.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":154924,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/09\/07\/for-applying-s-3-of-competition-act-against-an-alleged-anti-competitive-practice-a-prima-facie-case-needs-to-be-established-first\/","url_meta":{"origin":6523,"position":3},"title":"For applying S. 3 of Competition Act against an alleged anti-competitive practice, a prima facie case needs to be established first","author":"Saba","date":"September 7, 2017","format":false,"excerpt":"Competition Commission of India: The CCI recently passed an order under Sec. 26(2) of the Competition Act wherein the informant had filed information against several banks under Section 19(1)(a) of the above-mentioned Act alleging cartelisation between them to limit or control the safe deposit lockers services offered by them. The\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":6671,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/06\/25\/allegations-of-unfair-trade-practices-against-bank-of-baroda-rejected\/","url_meta":{"origin":6523,"position":4},"title":"Allegations of unfair trade practices against Bank of Baroda, rejected","author":"Sucheta","date":"June 25, 2015","format":false,"excerpt":"Competition Commission of India (CCI): While rejecting the allegations of unfair trade practices against Bank of Baroda in the market of commercial\/corporate loan in India, CCI closed an information filed by Uttarakhand-based firm Dhanvir Food Product in the matter. 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