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N.S. Vageesh

Chennai April 18 Akshaya Trithi, falling this year on April 20th, is considered an auspicious day for Hindus. It certainly will be one for banks. Ms Chitra Pandeya, who heads HDFC Bank's Liabilities and payment products group, expects to see a huge jump in sales of gold coins being marketed by the bank.

HDFC Bank, which sold 200 kg of gold last year on the Akshaya Trithi day, expects to sell 400 kg this year. One factor that will help HDFC Bank double its sales volume is the expansion of branch network, which has grown by 30 per cent compared with last year.

HDFC Bank has also gone in for an advertisement campaign by roping in actress Shobana to star in television ads. "There is an opportunity during this occasion. The rest of the month is "push". This day, it is a "pull"," says Ms Chitra.

What about competition from the exchange traded gold funds? "A desire to possess is a desire to possess. This is rooted in the Indian psyche," says Ms Chitra.

More Stories on : Gold & Silver | HDFC Bank Ltd | Private Banks

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