Kotak Bank expands gold product line

Mumbai, Jan 18 | Updated: Jan 19 2007, 05:50am hrs
Kotak Mahindra Bank has scaled up its retail bullion business with new products and a bigger presence aiming to capture more of the investment demand, a senior official from the bank said on Thursday.

"We have launched the 5, 8 and 20 gram gold coins," KVS Manian, group head - retail liabilities and branch banking, Kotak Mahindra, said. "Catering to investment demand is still our primary motive, but we are targeting more people."

The bank had launched 50 and 100 gram bars in September last year.

"We hope to sell up to 300 kg worth of coins and bars by March end," Manian said. "In the next fiscal year (2007-08) we should be able to sell 700-750 kg, the official added.

Reuters