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Wednesday, 15th April 2009 (1933 views)

Allahabad Bank in India has revealed that it will start to sell gold bars and coins as part of plans to boost its income.

The bank claims to be the first from the eastern region to offer the service and has joined forces with Geneva-based Produits Artistiques Metaux Precieux for the new service, the Calcutta Telegraph reported.

Selected branches will offer gold coins in four, eight and ten grams and bars in 20 and 50 grams.

Produits Artistiques Metaux Precieux already supplies gold coins and bars to 17 banks across India and all coins will be assay certified.

KR Kamath, Allahabad Bank chairman and managing director, explained that the new gold retail service will be rolled out gradually across India, starting with Maharashtra in the south of the country.

Allahabad Bank was founded in 1865 in the city of Allahabad by a group of Europeans and is 55.23 per cent government-owned.

 

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