HOME > BUSINESS > Federal Bank starts distributing MMTC gold coins

Federal Bank starts distributing MMTC gold coins

mmtcFederal Bank has become the first private sector bank to start distributing gold coins made by government-controlled Metals and Minerals Trading Corporation of India.

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.

These coins were launched by the government of India last year. The first-ever national gold offering by the Government was launched by Prime Minister Narendra Modi In November 2015.

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

This is a government promoted coin and the only BIS hallmarked coin in India. The coin carries advance counterfeit features and tamper proof packaging.

Federal Bank has a branch network of 1,252 branches and 1,524 ATMs spread across the country.

Follow ULTRA.news
India gold price jumps Rs 796 for 10 grams Expect the unexpected is the case what we see in gold price today.The country saw a sudden hike in the gold price today as Rs 30,820 for 10 grams from yesterdays price of Rs 30,024.The price for 10 grams has rose by 796 rupees from yesterday in India.UPDATE: As of 151...
Rajesh Exports starts second phase of retail expansion with Bangalore Gold Jewellery exporter, Rajesh Exports Ltd said it launched its 81st retail showroom under it's brand name ´Shubh Jewellers´ at Bangalore.“With this launch the company has launched it's second phase of retail expansion. The company in the second phase of retail expansion has...
India signs 15 year contract for exploration of gold and platinum in the Indian Ocean Government of India has signed a 15-year contract with the International Seabed Authority (ISA) for the exploration of Poly-Metallic Sulphides deposits, which constitutes of gold, platinum, iron, copper, zinc and silver, in the Indian Ocean, said the Ministry of Earth Sciences. ...
PAPER GOLD: Govt raises Rs 820 cr in fifth tranche of sovereign gold bond scheme The amount realised through the 5th Tranche of Sovereign Gold Bond (SGB) Scheme, is expected to cross Rs. 820 crore, the ministry of finance said.This was mobilised through over 2.00 lakh applications representing around 2.37 tonnes of gold."These numbers are likely to g...
Need Cash Fast? Federal Bank offers loan disbursement in just 1 minute Kerala-based privately owned Federal Bank said it has started a one-minute loan facility called Digital Personal Loans."Customers can log into Bank’s website (www.federalbank.co.in) and avail personal loans in a minute. Upon the acceptance of the offer by the customer, the l...
No plans to forcibly take temple treasure under gold monetization scheme – Govt The government of India clarified that it had no plans to forcibly take gold from religious or other institutions under its recently launched monetization scheme.It came up with the clarification in the wake of media reports to the contrary."Some sections of the media hav...
Federal Bank, 11 other banks offer Card to Card instant ATM money transfer Federal Bank has joined a group of 11 other banks to offer instant money transfer facility using ATM cards.Customers of Federal Bank can transfer money to those of any of the other 11 banks (as well as to Federal Bank customers) by visiting Federal Bank ATMS.At present, m...
Insurer IDBI Federal posts 84% premium growth for Q1 IDBI Federal Life Insurance, a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe, has reported a growth of 84% in Total Premium at t...
Federal Bank starts e-credit facility for deposit holders Federal Bank said customers can now avail loans against fixed deposits through its online platform, and that the first 3,000 customers will get interest rate concessions."Fed-E-Credit is an online loan against deposit, and is the first in the series of online loan products pl...
Federal Bank offers low-interest personal loans for salaried employees Federal Bank is promising low interest rates and quick processing for personal loans for salaried employees under its new Fed Premia scheme.Under the scheme, salaried borrowers can avail personal loan up to Rs.10 Lakh with repayment period extending up to 48 months.It wi...
Federal Bank introduces SMS-based generation of ATM PINs Federal Bank has launched 'Soft PIN' facility for Debit cards, which lets customers use debit and ATM cards almost as soon as they've got their hands on it.Soft PIN, which replaces printed ‘PIN- Mailers’, can be generated by the customers themselves through any of the Bank’s ...
Nilesh Shivji Vikamsey appointed part-time Federal Bank Chairman Nilesh Shivji Vikamsey has been appointed as Part-Time Chairman of Federal Bank and the appointment has been approved by the Reserve Bank of India, the bank said.CA. Vikamsey, who will assume office on 20th June 2015, succeeds Prof. Abraham Koshy, who retired from the Bo...
Federal bank slashes fixed deposit rates In keeping with the overall decline in lending and deposit rates, Federal Bank has cut the interest rates offered on domestic fixed deposits by 0.50 to 0.25 percentage points.The heaviest cut is in the short-term deposit rate, where interest rate has been cut to 3.5% from...
Traders oppose India’s move to curb gold imports again All India Gems and Jewellery Federation (GJF), the largest single trade body in India for the promotion and growth of trade in gems and jewellery across India, has urged the Union Finance Minister Arun Jaitley to avoid re-imposing curbs on gold imports as it could spell doom for ...
Gold, Real Estate demand could slow in coming months – Morgan Stanley Demand for gold, real estate and other physical forms of savings in India could decline in the coming months due to an expected fall in inflation, Morgan Stanley said.Gold, oil and real estate prices have risen many fold in the last one to two decades. They have risen faster ...