MMTC to tie-up with SBI to sell govt minted ‘Indian Gold Coin’

Public Sector Company MMTC will tie-up with the State Bank of India (SBI) to sell government-minted “Indian Gold Coin. The state-run bullion trader, which has already tied up with over half a dozen banks, has so far sold one lakh pieces of “Indian Gold Coin” and has set a target of selling 5 lakhs units in the next few years.

  • The coin is available in denominations of 5gm, 10gm and 20 gm bar.
  • Ever since Prime Minister Narendra Modi launched the coin on November 5, 2015, we have tied up with seven banks to sell it
  • These lenders are Indian Overseas Bank, Vijaya Bank, Federal Bank, Yes Bank, Andhra Bank, ICICI Bank and HDFC Bank.
  • The coin is being sold to customers through their 400 designated branches across the country.
  • MMTC will now enter into a similar agreement with the country’s largest lender, Prakash said, adding the coin is also available at all the 383 outlets of the PSU.
  • Prakash was in the city yesterday to preside over an event at 10th global trade show organised by the Vadodara Chamber of Commerce and Industries (VCCI).
  • The coin is India’s first-ever sovereign gold offering and the only one to be hallmarked by Bureau of Indian Standards (BIS) for purity.
  • Balkrishna Shukla, a Director on board of MMTC.
  • The coin, manufactured by Security Printing and Minting Corp, is made from the yellow metal collected under Gold Monetisation Scheme of the Central government.