Union Bank of India starts sale of Gold coins

Mumbai, Apr 11: Union Bank of India has started retail sale of Gold coins, to be marketed through its 100 branches across the country.

Addressing mediapersons here today, Bhaskar Sen, General Manager, Union Bank of India, said ''as the bank has gained enough experience in Bullion business, we have started retail sale of gold coins''.

The Bank is also in the process of identifying more branches for marketing of gold coins and will carry out special promotion of its gold schemes during important festivels.

Sen detailed the progress made by the Bank on the Bullion business since its inception in 2002. The bank started its ''Bullion activity'' from Zaveri Bazar in Mumbai and at present has 10 centres across the country.

''During the current fiscal, the Bank imported over 32 Mt of Gold, valued at Rs 2639 crore, which has been sold by the bank through its designated branches'', Sen said.

At present, under its Bullion activity, the Bank is offering various schemes such as Bullion import on consignment basis and sale to wholesellers, loan to exporters in SEZ and domestic tariff area loan to domestic jewellery manufacturers, he added.

UNI