The Hindu Business Line : SBI begins sale of gold coins

In Maharashtra and Goa, the sale of gold coins was flagged off today at 11 branches. These branches are spread over Mumbai, Thane, Pune, Nashik, Nagpur, Aurangabad and Panaji.

“We are looking at gold-banking as a thrust activity. We have so far been selling wholesale to jewellers and are now looking at building the retail business,” said Mr N. Raja, Chief General Manager, Mumbai Circle, State Bank of India.

The gold of 999.9 purity will be sold in the form of coins ranging from 2 gm to 10 gm. Gold weighing 20 gm and 50 gm will be available in the form of ingots. The gold coins will be supplied by PAMP (Products Artisques Metaux Percieux), a Swiss gold refinery which is linked with the London bullion market.

The daily retail rates will be displayed at branches, which are selling the gold coins. Based on Tuesday’s rate, gold coins weighing 5 gm and 10 gm will cost Rs 5,785 and Rs 11,480, respectively. SBI has also made provisions to sell gold coins online.

The bank had launched a pilot project for the sale of gold coins in September at 24 branches in Ahmedabad, Chennai and Hyderabad circles.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Re appreciation opens new M&A opportunity for India: Assocham

Rupee stays range-bound

‘Universal accounting practices needed’

PNB Housing net up 80% in H1

‘Sub-prime crisis will persist for 12-14 months’

Insurers wary of US sub-prime woes’ impact

Today's pick: Federal Bank (Rs 406.80)

Bond prices down 15-20 paise

CRR hikes could be reversed

Fund to focus on non-farm micro enterprises

RBI directive to banks on project finance

SBT to give loan for coir workers in Kerala

Call rates close higher

ICICI Bank cuts rates on special deposits again

‘Focus on low-cost deposits’

SBI begins sale of gold coins