MMTC ties up with SBI for Indian Gold Coin sale
Q. Public sector company MMTC has tied up with which bank to sell the government minted Indian Gold Coin?- Published on 08 Dec 16a. SBI
b. RBI
c. PNB
d. None of the above
ANSWER: SBI
PSU company MMTC will tie up with State Bank of India to sell government minted Indian gold coin.
The state-run bullion trader which has tied up with half a dozen banks so far, has sold 1 lakh pieces of Indian gold coin and set the target of 5 lakh units in the next few years.
A similar agreement will be entered with the country’s largest lender, adding the coin is also available at 383 outlets of the PSU.
The coin is the
first ever sovereign gold offering by India.
It is the only one to be hallmarked by the Bureau of Indian standards for purity.
Coin manufactured by
Security Printing and Minting Corp is made from yellow metal collected under Gold Monetisation Scheme of the central government.
About the Coin- The coin is available in denominations of 5gm, 10gm and 20 gm bar.
- Prime Minister Narendra Modi launched the coin on November 5, 2015.
- Govt has tied up with seven banks to sell it. They include:
1. Indian Overseas Bank,
2. Vijaya Bank,
3. Federal Bank,
4. Yes Bank,
5. Andhra Bank,
6. ICICI Bank and
7. HDFC Bank.- Coin is also being sold to customers through 400 designated branches across the nation.
