Federal Bank to start distribution of Indian gold coins

Posted on:18 Aug 2016 09:48:02
Federal Bank to start distribution of Indian gold coins
18 August 2016 Current Affairs:

Kerala based private sector lender, Federal Bank has tied up with MMTC for distribution of Indian Gold Coins (IGC), the first-Ever national gold offering by the government, which was launched by Prime Minister Narendra Modi In November 2015. 

Through this tie-up with MMTC, the bank becomes the first among the private sector banks to offer this product to its customers. Available presently in denominations of 5, 10 and 20 grams, the coins are distributed through select branches of the bank across the country .

The Indian gold coins are of 24 karat purity, 999 fineness and has the national emblem of Ashok Chakra engraved on one side and the face of Mahatma Gandhi as in currency notes on the other. This is a government promoted coin and the only BIS hallmarked coin in India. The Indian gold coin carries advance counterfeit (security) features and tamper proof packaging. 

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