Mumbai, Aug 5 (PTI) LIC-owned IDBI Bank on Wednesday said it has launched four specialised gold loan branches.

These gold branches, known as IDBI Swarna Kalash, have been launched by remodelling the lender's existing branches.

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"We have witnessed a surge in the demand for gold loans and have conceptualised 'Swarna Kalash' as a premium offering of IDBI Bank.

"Our focus is on creation of such specialised branches to cater to the demand in the market and facilitate easy access to our gold loan customers," the bank's Managing Director and CEO Rakesh Sharma said in a release.

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The gold loans are offered at an interest rate starting from 8 per cent per annum. These gold loan branches are located at Neelamangalam and Sivaganga in Tamil Nadu; Vijayanagar in Bengaluru; and L. B. Nagar in Hyderabad, the bank said.

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* Sharechat crosses 40 cr downloads

New Delhi: Indian social media app Sharechat on Wednesday said its platform has crossed 40 crore download mark and more than doubled monthly active users in the past one month.

The growth of the company accelerated after the government blocked Chinese mobile applications such as Tiktok, Helo and Likee.

"The downloads have increased from 200 million (20 crore) to over 400 million (40 crore) in the last one month, while the monthly active users increased from 60 million (6 crore) to more than 140 million (14 crore) now," a Sharechat spokesperson told PTI in response to a query.

Sharechat is learnt to be in talks with the US-based venture capital firm Sequoia Capital to raise around Rs 1,500 crore within a quarter at an enterprise valuation of around Rs 7,500 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)