Allahabad Bank launches retail selling of Gold Coins

Allahabad Bank, one of the leading nationalized Banks of the country, on the eve of entering 145th year of dedicated service to the nation, launched retail selling of GOLD COINS “AllBank GOLD” to the public today. Shri B. Mahapatra, Regional Director, RBI, Kolkata graced the occasion and released the 1st lot of gold coins.

Initially, Gold Coins in the denomination of 4, 8, and 10 grams packed in a tamper-proof, see-through centicard will be sold to the public through Bank’s select CBS Branches under the New “AllBank Gold” Scheme. Subsequently, gold bars of 20 and 50 grams will be available. The Gold Coins made of fine gold of 999.9 purity- Assay Certified which is the International Hallmark of highest purity of the gold will be imported from Switzerland. The Gold Coins will be of two designs–one with Bank’s logo on one side and gram-specification with purity standard on the other. The other will bear the impression of Lakhsmi–the Goddess of wealth on one side and Bank’s logo, gram-specification and purity standard on the other.

The Gold Coins will be supplied by PAMP S.A.Geneva (Produits Artistiques Metaux Precieux), a fully owned MKS Group Company which produces more than half of the world market for gold bars weighing under 100 grams. The Company is world’s largest independent and prestigious refiner of precious metals already engaged in supplying Gold Coins/Bars to 17 Banks in India. The gold coins will be competitively priced based on the daily prices in the international bullion market and will be quoted daily exclusive of Vat/Sales Tax. Interested People can purchase these gold coins from the select designated CBS branches on fulfillment of usual formalities.

Expressing his views on the occasion, Shri Kamath, Chairman & Managing Director of the Bank observed that India is the largest consumer of gold in the world. Traditionally gold jewellery was bought for dual purpose-adornment as well as investment. However, in the past 3-4 years, the bars and medallions segment is growing as a distinct separate category. Allahabad Bank is the first amongst the east-based Banks to start retail selling of gold coins. Selling of Gold Coins will provide another value-added service to its Customers and enable the Bank to enhance its Non-Interest income. Shri K.R.Kamath, Chairman & Managing Director of the Bank also added that on the eve of completing 144 years, the Bank has achieved Rs.144000 crore of total business as on 31.03.2009 comprising of Rs. 84865 crore Deposits and Rs. 59177 crore Advances. The Bank is aiming to achieve a total business of Rs.175000 crore by March 2010 and Rs.200000 crore by 2010 end. During the year 2008-09, as many as 105 new branches have been opened and 6 branches were opened in April’09 taking the total number of Branches to 2265. The Bank has completed the IInd phase of CBS implementation whereby 906 Branches and 10 Offices have been rolled over to the CBS platform covering 436 Centres and 81.30% of Bank’s business. Another 900 branches are expected to be brought under CBS platform by March, 2010 and the entire Bank by Dec’ 2010.

The Bank has been selected by Pension Fund Regulatory & Development Authority (PFRDA) to provide service to the public investing under New Pension Scheme wef 01.05.2009 through 25 selected CBS Branches which may be extended to other Branches in course of time.

Kolkata
14.04.2009