Financial Daily from THE HINDU group of publications
Wednesday, Oct 05, 2005
Financial Daily from THE HINDU group of publications Wednesday, Oct 05, 2005 |
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Money & Banking
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Public Sector Banks Marketing - New Products & Services Corporation Bank launches retail sale of gold coins Our Bureau
Mr V. K. Chopra
Mangalore , Oct. 4 CORPORATION Bank has launched the retail sale of gold coinsLaunching the `Centenary Gold Coin' in Mangalore on Tuesday, Mr V.K. Chopra, Chairman and Managing Director of the bank, said, "Corporation Bank is the first among the public sector banks to launch the sale of retail gold coins in the country." The gold coins, imported from Switzerland, will be sold to retailers or individuals through 90 select branches. The 8-gm gold coin is of 999.9 purity with certification as per international standards. The price will be determined on a dynamic basis, reflecting the market price on a daily basis. Stating that Corporation Bank was the first among the public sector banks to import gold when banks were allowed to import gold bullion for the domestic market in 1997, Mr Chopra said jewellers and major buyers benefitted from that facility. "With the launch of gold coins, the common man can buy international quality gold from Corporation Bank," he said. In the last financial year, the bank did a gold business of Rs 3,212 crore. Equity broking The bank also launched equity broking facility for its customers in Mangalore on the occasion. Corporation Bank, in association with IL&FS Investmart, is providing online and offline equity broking facility to customers having operative account and DP account.. The bank, which is offering the services in select branches in Mumbai, has extended this service to its customers in Mangalore also. Based on the experience in Mangalore and Mumbai, it will introduce the service in other centres. "If this experience is successful, we can in due course of time, go in for portfolio management services," Mr Chopra said. He claimed that the aggregate business of the bank — both deposits and credits — crossed Rs 50,000 crore in the current financial year.
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