Tuesday, 16th November 2004 (2448 views)

ICICI Bank has revealed plans to capitalise on the burgeoning market for bullion imports by launching a new scheme to provide liquidity against gold.

Bullion imports by all major trading companies and designated banks rose in the first half of 2004-05 and experts believe that, under the proposed scheme, the bank could double its retail gold sales to over two tonne by the end of the current financial year.

ICICI, one of the country's leading private sector banks, started retailing gold from its three branches in October 2002 and, at present, it sells gold at 240 of its branches.

The bank retails gold in five gram and eight-gram packs, which at present cost Rs 3,600 and Rs 5,700, respectively. It sells over three lakh pieces of gold coins every year.

The bank will provide liquidity of over 80 per cent against its gold coins.

 

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