In the wake of gold prices rising, The World Gold Council (WGC) said that it is provide loans to the lower income groups across India, to purchase gold. It will be tying up with two microfinance institutions in Andhra Pradesh by March 2008, and has formed an agreement with Muthoot Pappachan Group, for the Kerala market, while it is also considering ICICI Bank for the urban markets.The Hindu Business line quoted WGC managing director, Ajay Mitra, saying “About 2,000 individuals from lower income groups have been extended finance six months ago in and around Kochi to buy gold and there has been a single default instance till now”.According to the scheme, delivery of the gold will be done after the installment payments have been completed. The value of the EMI will be based on the current gold price at the time of the initial payment. The scheme would extend to a pan India level during the next two years.