Federal Bank ties up with MMTC to offer Indian Gold Coin

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New Delhi | August 17, 2016 7:17 PM

Federal Bank today said it has tied up with MMTC for offering the Indian Gold Coin (IGC), the first such offering by the Government.

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. (Source: Reuters)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. (Source: Reuters)

Federal Bank today said it has tied up with MMTC for offering the Indian Gold Coin (IGC), the first such offering by the Government.

“Through this tie-up with MMTC, the bank becomes the first among the private sector banks to offer this product to its customers.

Available presently in denominations of 5, 10 and 20 grams, the coins are distributed through select branches of the Bank across the country,” said Jose K Mathew, Head – Retail Business.

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.

This is a government promoted coin and the only BIS hallmarked coin in India, the bank said.

The Indian Gold Coin carries advance counterfeit (security) features and tamper proof packaging.

The Bank’s total business mix (deposits and advances) stood at Rs 1.37 lakh crore at March end.

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