However, a person familiar with the Central Bank's thinking said the loan-to-value ratio had not been increased. "It (LTV) wasn't changed," the person said.

In September 2013, the Reserve Bank of India had tightened rules for gold non-banking finance companies, and had kept the loan-to-value ratio at 60 percent.

Shares of Manappuram Finance Ltd and Muthoot Finance Ltd were up 5 percent and hit the day's upper trading limit. Officials at the two companies declined to comment.

(Agencies)

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