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Monday, 8th June 2009 (1592 views)

India's largest bank has announced that it is increasing the amount of branches that offer gold coins for sale.

According to the Press Trust of India, the State Bank of India (SBI) is more than doubling the number of outlets that have the precious metal for retail.

The move brings the total to 1,100, with the previous level of 518 having been realised earlier this year after just 250 offered the coins in 2008.

In addition, 50 SBI branches will see the gold deposit scheme being relaunched.

Referring to the rise in centres offering coins, the bank stated: "The scheme will be extended to cover all important centres of the country in 2009-10 by increasing the number of branches selling gold coins to about 1,100."

Demand for gold increased by 84 per cent in India over the course of last year, according to recent figures from the South Africa Gold Coin Exchange.

 

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