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Tuesday, 16th November 2004 (4635 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. <BR/><BR/>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. <BR/><BR/>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.<BR/><BR/>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.<BR/><BR/>The bank will provide liquidity of over 80 per cent against its gold coins.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7080004"/>

 

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