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Last Updated : 10 March 2011 at 15:05 IST
Bank of India to sell silver bars
In a bid to leverage the current boom in India’s silver market, Bank of India (BoI) is mulling to enter the domestic market with silver bars, though it is unclear if the bank would cater to retail customers. Currently HDFC Bank in India sells 50g denominated, 24 carat, 99.99% pure silver bars through more than 380 branches in India, says information from the website of HDFC Bank.
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MUMBAI (Commodity Online) : In a bid to leverage the current boom in India’s silver market, Bank of India (BoI) is mulling to enter the domestic market with silver bars, though it is unclear if the bank would cater to retail customers.
Currently HDFC Bank in India sells 50g denominated, 24 carat, 99.99% pure silver bars through more than 380 branches in India, says information from the website of HDFC Bank.
Scotiabank is another market player, according to http://economictimes.indiatimes.com/.
The Zaveri Bazaar branch of Bank of India, a scheduled bank, is said to be in talks with certain clients to gauge their interest in silver bars.
The nuances pertaining to the sales are yet to be finalised.
Silver prices have been appreciating for a while with prices hitting Rs.47,500 a kilogram in 2010, which is a surge of 71%. Silver, though is a cheaper investment option when compared to gold which has appreciated by 23% to Rs. 20.79 lakhs a kilogram in the previous year.
With the industrial usage also fostering demand, silver is hovering at around Rs.54000 while gold is above Rs.21 lakh a kilo.
Currently, Bank of India sells gold bars and even offers gold loans to jewellery manufacturers.
Last year, the bank sold 11 tons of gold to clients through its bullion branches: two branches in Mumbai and one each in North India’s Ahmedabad and South India’s Chennai.
Currently HDFC Bank in India sells 50g denominated, 24 carat, 99.99% pure silver bars through more than 380 branches in India, says information from the website of HDFC Bank.
Scotiabank is another market player, according to http://economictimes.indiatimes.com/.
The Zaveri Bazaar branch of Bank of India, a scheduled bank, is said to be in talks with certain clients to gauge their interest in silver bars.
The nuances pertaining to the sales are yet to be finalised.
Silver prices have been appreciating for a while with prices hitting Rs.47,500 a kilogram in 2010, which is a surge of 71%. Silver, though is a cheaper investment option when compared to gold which has appreciated by 23% to Rs. 20.79 lakhs a kilogram in the previous year.
With the industrial usage also fostering demand, silver is hovering at around Rs.54000 while gold is above Rs.21 lakh a kilo.
Currently, Bank of India sells gold bars and even offers gold loans to jewellery manufacturers.
Last year, the bank sold 11 tons of gold to clients through its bullion branches: two branches in Mumbai and one each in North India’s Ahmedabad and South India’s Chennai.
