MMTC to tie-up with SBI to sell govt minted 'Indian Gold Coin'

The coins will also available at all the 383 outlets of the PSU

Public sector company MMTC will tie-up with the State Bank of India (SBI) to sell government-minted "Indian Gold Coin", its Chairman and Managing Director Ved Prakash said.

The state-run bullion trader, which has already tied up with over half a dozen banks, has so far sold one lakh pieces of "Indian Gold Coin" and has set a target of selling 5 lakhs units in the next few years. The coin is available in denominations of 5gm, 10gm and 20 gm bar.

"Ever since Prime Minister Narendra Modi launched the coin on November 5, 2015, we have tied up with seven banks to sell it," Prakash told PTI.

These lenders are Indian Overseas Bank, Vijaya Bank, Federal Bank, Yes Bank, Andhra Bank, ICICI Bank and HDFC Bank.

The coin is being sold to customers through their 400 designated branches across the country, he said.

MMTC will now enter into a similar agreement with the country's largest lender, Prakash said, adding the coin is also available at all the 383 outlets of the PSU.

Prakash was in the city yesterday to preside over an event at 10th global trade show organised by the Vadodara Chamber of Commerce and Industries (VCCI).

The coin is India's first-ever sovereign gold offering and the only one to be hallmarked by Bureau of Indian Standards (BIS) for purity.

"The creation of a national-branded coin, of uniform price and quality, has addressed the trust deficit that exists around the buying and selling of gold. It aligns with the 'Make in India' priority of the government," he said.

The coin has the national emblem Ashoka Chakra engraved on one side and Mahatma Gandhi on the other. Its other unique features include 24 Karat 999 fineness purity, positive tolerance both in weight and purity, tamper proof packaging and advanced anti-counterfeit features.

MMTC also plans to upgrade its gold coin minting facility, Prakash said. "We will modernise our facility so that we can mint more pieces of the coin when its demand increases."

Balkrishna Shukla, a Director on board of MMTC, said through the coin, the government aims to reduce dependence on gold imports to meet the local demand.

The coin, manufactured by Security Printing and Minting Corp, is made from the yellow metal collected under Gold Monetisation Scheme of the Central government.