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SBI in Talks With MMTC to Market Indian Gold Coins

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By , ET Bureau

Full Article: SBI in Talks With MMTC to Market Indian Gold Coins

Kolkata: State Bank of India, the country’s biggest lender, plans to market Indian Gold Coins promoted by the government with the national symbol Ashok Chakra engraved on it.

SBI said it is in the process of entering into an agreement with state-run bullion trader MMTC. At present, Indian Gold Coins are available in the designated branches of just three banks–Indian Overseas Bank, Vijaya Bank and Federal Bank. MMTC outlets market these coins, which are hallmarked as per BIS standards.

“Sale of gold coins can be started after the software appli cation of MMTC is made compatible with the bank’s banking software,” the bank said responding to ET’s query .

Indian Gold Coins have 24 karat purity and 999 fineness. They carry advance counterfeit security features and tamper-proof packaging. The gold coins are available in 5 gm and 10 gm. For buyers, there is also the option of Indian Gold Bar of 20 gm.

SBI did not specify on when it intends to start marketing the government-sponsored coins.Given the nitty-gritties of the software integration, it may take at least a couple of months.

Launched in November last year by PM Modi, the national gold coins are still not available easily through bank branches unlike in the past when banks used to im port gold coins to sell them to Indian consumers. RBI banned banks from importing gold in 2013 to rein in the import bill. Indian Gold Coins are being minted using the gold that is being mobilised under the Gold Monetisation Scheme, mostly from temples.

SBI said it would market the coins in select branches where it sees good selling opportunities. Earlier, it had designated some 200 branches to sell the imported gold coins.

By , ET Bureau

Full Article: SBI in Talks With MMTC to Market Indian Gold Coins

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