Is pawn brokers in India under RBI control?

 Pawnbrokers in India are not directly under the control of the Reserve Bank of India (RBI). However, the RBI does regulate certain aspects of the pawnbroking industry through its guidelines and regulations.

The Pawnbrokers Act, 1898, governs the pawnbroking industry in India. The act requires pawnbrokers to be registered with the local police and to maintain records of all transactions. Pawnbrokers are also required to obtain a license from the local police.

The RBI has issued guidelines for pawnbrokers to comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. These guidelines require pawnbrokers to maintain records of all transactions, identify their customers, and report any suspicious transactions to the authorities.

In addition, the RBI has also issued guidelines for pawnbrokers to follow regarding Know Your Customer (KYC) norms and other anti-fraud measures.

It's important to note that, pawnbrokers in India are not under the direct control of the Reserve Bank of India, but they have to comply with the regulations and guidelines set by the RBI in order to operate legally.