I got a loan from a local co-operative bank in just an hour." Using gold as security is not unusual in India, but gold-backed loans are becoming more popular with banks, which tend to consider them safer than other unsecured borrowing. India's economy is expected to contract this financial year as the pandemic ravages activity worldwide, and there are growing concerns that people will struggle to repay riskier business and personal loans. Overall loan growth in India's banking system has already been decelerating and is expected to hit a multi-decade low of 0 to 1% in this financial year due to the fallout from the pandemic, said credit rating agency Crisil. "As banks could exhibit greater risk aversion in the current context, gold loans would be a convenient route for many customers to raise liquidity and working capital," said Somasundaram P.R., head of the World Gold Council's Indian operations.