State Bank of India launches gold coins
17 Nov 2007
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Mumbai: State Bank of India has started retailing gold coins to cash in on its popularity as an investment option.
The bank will be selling 5 gm and 10 gm coins across about 100 out of its over 9,000 branches nationwide, N. Raja, chief general manager of the Mumbai circle, said.
He did not quantify the gold SBI planned to sell, but said the bank was targeting a "significant share of the market."
Investment in gold started to gain appeal last year as prices started shooting up and investors preferred coins over jewellery which is more expensive.
SBI will be competing with several other banks such as ICICI Bank, HDFC Bank and Kotak Mahindra Bank, all of which sell imported gold coins.
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