Federal Bank, in collaboration with MMTC (Metals and Minerals Trading Corporation), will distribute Indian Gold Coins (IGC), under the first-ever National Gold offering scheme launched by the Narendra Modi government in November 2015.
This Kerala-based private sector lender will become one of the first private sector banks to offer such a product to its customers through this tie-up with MMTC.
Jose K. Mathew, retail business head of Federal bank said that the Indian gold coins would be distributed in the denominations of 5, 10 and 20 grams across the country at select branches of the bank. These coins are promoted by the government and the only ones bearing the hallmark of Bureau of Indian Standards.
These coins have the face of Mahatma Gandhi like the one on currency notes, engraved on one side and the national emblem of Ashok Chakra on the other. 24 karat purity and 999 fineness are the distinguishing features of these coins along with tamper proof packaging and advance counterfeit (security) features.
Federal Bank has a branch network of 1,252 branches and 1,524 ATMs spread across the country.