Federal Bank has become the first private sector bank to start distributing gold coins made by government-controlled Metals and Minerals Trading Corporation of India.
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.
These coins were launched by the government of India last year. The first-ever national gold offering by the Government was launched by Prime Minister Narendra Modi In November 2015.
“Available presently in denominations of 5, 10 and 20 grams, the coins are distributed through select branches of the Bank across the country,” said Mr. Jose K Mathew, Head – Retail Business.
This is a government promoted coin and the only BIS hallmarked coin in India. The coin carries advance counterfeit features and tamper proof packaging.
Federal Bank has a branch network of 1,252 branches and 1,524 ATMs spread across the country.