Commodity Online
AHMEDABAD: Indian banks are reaping in hundreds of kilograms of gold through several innovative gold deposit schemes.
India’s largest bank—the State Bank of India (SBI)—has collected a whopping 548 kilogram of gold through an innovative gold deposit scheme it launched two months ago.
SBI officials said that the unique scheme launched in the western state of Gujarat alone attracted 548 kilograms of precious yellow metal deposits in a short span of two months in bank vaults.
SBI said the gold deposit scheme plans to put to productive use the nearly 15,000 tonnes of gold reserves are lying idle in the Indian households.
”It is really great that our branches in four centres of Gujarat - Ahmedabad, Surat, Rajkot and Vadodara, have arracted 548 kgs of gold in the last two months,” a senior SBI official pointed out.
He said gold desposit scheme has done exceptionally well especially in Ahmedabad with 80 per cent of deposits coming to bank vaults are from the city out of the total gold deposits of 548 kilograms recieved so far from across the state.
A survey from SBI said that largely it is the individuals who are depositing gold in the bank vaults. Several two religious trusts also deposit their idle lying gold reserves with SBI.
SBI launched the gold deposit scheme was launched by in mid of March this year as part of government initiatives to put country's idle lying gold reserves into circulation.
Like SBI, several other banks are doling out gold deposit schemes. They include HDFC Bank, ICICI Bank, Bank of Baroda and Federal Bank.
Officials at India’s Finance Ministry said that three nationalised banks including SBI have been designated by the government to accept gold as deposits.
Several banks, broking houses and post officials have been carrying out several gold deposit and gold coins selling schemes. India is the largest consumer and importer of gold in the world.
Gold coins are the hottest commodity in India these days. Even as the price of gold continues to rise, sale of gold coins are taking place at brisk pace through banks, equity and commodity broking companies, finance firms and post offices across India.
India Post, the post services department of government of India, launched the gold coins sale initiative six months back in association with Reliance Money and World Gold Council. As per the currency scheme, the postal department is selling 0.5 gm, 1 gm, 5 gm and 8 gm gold coins packed in tamper-proof sealed covers.
