India's Andhra Bank enters gold coin biz

January 06, 2009

Commodity Online
NEW DELHI: Yet another Indian bank has started banking on gold coins to promote its business. The latest entrant in the field is Andhra Bank, which has launched its gold coins as part of a range of new services.

The 24C Swiss gold coins of 999.9 purity will be available in sealed plastic sheaths from branches.

RS Reddy, chairman and managing director of the bank, announced in October that the bank had received approval from the Reserve Bank of India (RBI) to import the gold to make the coins.

Andhra Bank has been restructuring and setting new goals in order to expand its reach internationally and is reported to be poised to achieve the status of a large bank.

Andhra Bank will offer gold coins in denominations of four, eight and ten gms along with plastic covers and assay certificates that guarantee purity in line with international standards.

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