IOB launches Indian Gold Coins distribution

State-owned Indian Overseas Bank (IOB) has become the first lender to start distribution of recently launched Indian Gold Coins (IGC). Available in denominations, 5, 10 and 20 grams, the coins are distributed through limited branches, IOB said in a statement. It is the first bank to enter into agreement with MMTC for sale of IGC, the bank claimed.

IGC is the first-ever national gold offering by the government and was launched by Prime Minister Narendra Modi in November. The Indian Gold Coin is of 24 carat purity, 999 fineness and has the national emblem of Ashok Chakra engraved on one side and the face of Mahatma Gandhi on the other. As part of Make in India drive, the coin is minted by the Security Printing and Minting Corporation of India Limited (SPMCIL) and hallmarked by the Bureau of Indian Standards (BIS).

Meanwhile, public sector lender Oriental Bank of Commerce on Friday said it has cut interest rates for deposits less than Rs 1 crore across maturities in a range of 0.25 to 0.5 per cent with effect from Monday.

“The bank has revised interest rate on term deposits across various maturities with effect from March 28, 2016”, it said in a BSE filing. For maturities from 31 days to 45 days, the bank has cut interest rate from 6 per cent to 5.5 per cent for deposits less than Rs 1 crore.