SBI begins sale of gold coins

Mumbai: State Bank of India is ushering Diwali by launching the retail sale of gold coins across 100 branches in the country.

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 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.

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