SBI to double number of branches selling gold coins to 1,100

Country's largest lender State Bank of India will double the number of branches for retail sales of gold coins to 1,100 in the current fiscal to reach out to all important centres of the country.     

SBI had increased the number of branches for retail sale of gold coins to 518 in 2009 from 250 in 2008.     

"The scheme will be extended to cover all important centres of the country in 2009-10 by increasing the number of branches selling glod coins to about 1,100," SBI said in its latest annual report.     

SBI said it has re-launched the gold deposit scheme at 50 branches to mobilise the precious metal from domestic market for deployment as metal loans to jewellers.     

SBI also undertakes supply of customised gold coins to corporates.     

It is also in the process of setting up a dedicated bullion branch in Mumbai to undertake bullion business in a focused manner, the report said.     

According to World Gold Council, India's gold imports fell 14 per cent to 660.2 tonnes in 2008 due to higher prices of the metal.     

The gold offtake in the first three months of the current year was also slowed due to subdued consumer sentiment.