BoB enters gold coin business

Mumbai, Oct 23 (UNI) Public-owned Bank of Baroda (BoB) has entered into gold coin business by launching its three denominations of 24 carat gold coins in the range of 4 gm, 5 gm and 8 gm today.

The coins were launched by its brand ambassador and cricketer Rahul Dravid here.

The bank said it has identified 141 point of sale (POS) branches for the sale of gold coins covering 80 cities across the country, in the first phase. It proposes to expand the list of POS branches to 250 very shortly. The coins are expected to do good business during the festival season ahead.

Pointing out that the bank has decided to keep the price at very competitive level as compared to the peer banks, BoB's Executive Director V Santhana Raman said ''We will carry the lowest margin of 4 to 6 per cent on the gold coin's prices, which will be less than the industry's normal margin of 6 to 8 per cent.'' The price of the gold coins will be altered on daily basis in accordance with the wholesale London Bullion Market, he added.

Besides the gold coins, the bank will also offer gold bars with 99.999 per cent purity from today across the country. For this, the bank has sources gold from Nova Scotia Bank and through internationally reputed gold refiners Volcambi Refinery of Switzerland. The bars will be available for sale at the select bank's branches across India in tamper proof certicards, bearing individual serial number with Assay Certificate as a mark of higherst purity of international standards, bank said in a release.

The coins and gold bars were launched today at Mumbai, Pune and Nashik branches.

UNI