MMTC to partner with SBI to sell Indian Gold Coin
The Dollar Business Bureau
Metals and Minerals Trading Corporation of India (MMTC) will partner with the State Bank of India (SBI) to sell government-minted Indian Gold Coin.
MMTC has already collaborated with more than half a dozen banks, including Andhra Bank, Federal Bank, HDFC Bank, ICICI Bank, Indian Overseas Bank, Vijaya Bank, Yes Bank, and has sold over one lakh pieces of Indian gold coin. The company has set a new target of selling 5 lakh pieces, in 5gm, 10gm and 20 gm denominations over the next few years.
"Ever since Prime Minister Narendra Modi launched the coin on November 5, 2015, we have tied up with seven banks to sell it," MMTC Chairman and Managing Director Ved Prakash told PTI.
Prakash said the gold coin is being sold to customers through 400 designated bank branches across the country.
The Bureau of Indian Standards (BIS)-hallmarked coin is India's first-ever sovereign gold offering. "The creation of a national-branded coin, of uniform price and quality, has addressed the trust deficit that exists around the buying and selling of gold. It aligns with the 'Make in India' priority of the government," he said.
Prakash said MMTC is also planning to upgrade its gold coin minting facility. "We will modernise our facility so that we can mint more pieces of the coin when its demand increases.”
One of the Directors on the MMTC board Balkrishna Shukla, said the government aims to reduce dependence on gold imports through the coin.
The gold coin is manufactured by Security Printing and Minting Corp and is made from the gold collected under the Central government-led Gold Monetisation Scheme.