State-owned Indian Overseas Bank (IOB) has become the first lender to start distribution of recently launched Indian Gold Coins (IGC).

• Available in denominations, 5, 10 and 20 grams, the coins are distributed through limited branches, IOB said in a statement.
• It is the first bank to enter into agreement with MMTC for sale of IGC, the bank claimed.
  

  Indian Gold Coins

• IGC is the first national gold offering by the government. It was launched by Prime Minister Narendra Modi in November last year.
• The Indian Gold Coin is of 24 carat purity, 999 fineness and has the national emblem of Ashok Chakra engraved on one side and the face of Mahatma Gandhi on the other.
• As part of Make in India drive, the coin is minted by the Security Printing and Minting Corporation of India Limited and hallmarked by the Bureau of Indian Standards.

Did You Know?

• Indian Overseas Bank is a major public sector bank based in Chennai(Madras). 
• Indian Overseas Bank has an ISO certified in-house Information Technology department, which has developed the software that its branches use to provide online banking to customers.
• The bank has achieved 100% networking status as well as 100% CBS status for its branches. IOB also has a network of about 3300 ATMs all over India.
• IOB has branches in Singapore, Hong Kong, Colombo, Seoul, and Bangkok.