Gold loan fintech startups in India are adapting to new regulations from the Reserve Bank of India (RBI) by shifting their focus from merely sourcing loans to building their own loan books. Companies such as Rupeek, which is the largest gold loan startup in India, along with Indiagold and Oro, are now seeking to expand their lending operations. They have recently raised between ₹50 crore and ₹100 crore (approximately $6 million to $12 million USD) in debt for this purpose. The move comes as the gold loan segment faces a slowdown, with Federal Bank reporting a 3% decline in gold loan disbursals in the March quarter compared to the previous quarter. The RBI's new guidelines mandate that gold handling can only be performed by employees of regulated entities, disrupting the business models of many fintechs that previously offered doorstep services. As these startups compete against established non-banking financial companies (NBFCs) like Muthoot Finance and Manappuram Finance, they are betting on a balanced model that combines partnerships with their own lending capabilities to regain market momentum.