Oriental Bank of Commerce (OBC) has decided to discontinue sale of gold coins, it's Chairman & Managing Director S.L. Bansal has said.
The decision will be implemented across all OBC branches with effect from Monday, it is learnt.
OBC is the first public sector bank to discontinue sale of gold coins following the Government expressing concern over increased gold imports affecting the health of the economy.
This move is in keeping with the Government’s objective of curbing gold imports.
Finance Minister P. Chidambaram had urged people to resist the temptation of buying gold. Gold buying should be brought down for the sake of the health of the economy, Chidambaram had said.
On its part, the RBI has taken several measures to discourage banks and nominated agencies from resorting to gold imports.
Bansal said the entire staff of Oriental Bank of Commerce has decided to donate one day's salary to the Prime Minister’s relief fund towards victims of flood-hit Uttarakhand.
Also, the bank has decided not to charge any fees for contributions made by people to the Prime Minister's Relief Fund through its branch network.
As part of its CSR initiative, OBC has set up camps at Gadwal and Rudraprayag to distribute food and medicines to flood-affected victims, Bansal said.
Keywords: Oriental Bank of Commerce halts sale of gold coins, Government attempt to reduce gold imports, gold coins, Finance Minister P. Chidambaram, OBC, Oriental Bank of Commerce, Chairman & Managing Director OBC S.L. Bansal