Banks withdraw EMI options for online jewellery purchase

Following RBI’s directive, banks are discontinuing the easy EMI option for purchase of jewellery online through credit cards, reports say. Online retailers who either sell only jewellery or have jewellery as part of their portfolio fear that sales would be drastically affected, as EMI were an advantage for purchase of a product like jewellery which carries from small to big price tags. Sales are expected to drop by 50- percent, reports add.

Online jewellery purchase is growing in the country, especially amongst the young consumers and this new move is likely to take a beating on sales, reports say