Monday, 10th March 2008 (1621 views)

India's largest publicly-owned bank, the State Bank of India (SBI), has unveiled plans to increase the sales of gold coins at its branches to meet customer demand, reports say.

Commodity Online says the bank will be issuing gold coins weighing in at between two and 50 grams through select branches.

SBI added that it is currently looking to shortlist manufacturers with a "proven track record" to mint and supply the coins.

According to the site, the gold pieces must retain 999.9/995 purity from the bars SBI will provide for their striking. Manufacturers will also be required to distribute the coins with tamper-proof, certified cards.

The site says SBI started selling gold coins last year at its branch in Diwali. Around 100 SBI branches across India now sell gold coins in two, five, eight, ten, 20 and 50 gram weights.

Interested manufacturers have until March 24th to submit their bids to mint the new coins.

SBI recently opened its 1,000th branch. In terms of staff and outlets, it is the largest bank in the world. The financial institution traces its roots back to Bank of Calcutta, which was founded in 1806.

 

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