Thursday, 19th October 2006 (4311 views)

The Punjab National Bank (PNB) has announced it plans to begin selling gold coins with an expected income of Rs 100 crore (£11.8 million) in a year.

Gold for the coin production is to come from Produits Artistiques Metaux Precieux of Switzerland which states on its website it is "the world's leading independent refiner of precious metals and unquestionably the most prestigious".

The coins will be 24-carat and will be made available in four weights: 5g, 8g, 10g and 20g and will inititally go on sale at 267 Core Banking Solution branches.

"The price of PNB gold coins are very competitive compared to prices of other banks and is a perfect hedge towards inflation," said the chairman of PNB, Mr Satish Chander Gupta.

Prices of the gold coins will alter on a daily basis in accordance with the Wholesale London Bullion Market.

Should a bulk quantity of ten or more coins be purchased by customers, a two per cent discount would be offered, likewise, it will be available to existing customers and staff.

 

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