Federal Bank, MMTC tie up for distribution of Indian gold coins

New Delhi: Kerala-based private sector lender Federal Bank has announced its tie-up with MMTC for distribution of Indian Gold Coins (IGC).

“Through this tie-up with MMTC, the bank becomes the first among the private sector banks to offer this product to its customers,” said Head, Retail Business Federal Bank, Jose K. Mathew.

“Available presently in denominations of five, 10 and 20 grams, the coins are distributed through select branches of the bank across the country,” added Mathew.

This is the first-ever national gold offering by the government, which was launched by Prime Minister Narendra Modi in November 2015.

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. (ANI)