Federal Bank Starts Distribution of Indian Gold Coins (IGC)

NewsVoir | 17 Aug, 2016
Federal Bank ties up with MMTC for distribution of Indian Gold Coins (IGC), the first-Ever National Gold offering by the Government, which was launched by Prime Minister Narendra Modi In November 2015.

Speaking on the occasion, Mr. Jose K Mathew, Head - Retail Business said, âThrough 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.â

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

About Federal Bank

Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,524 ATMs spread across the country. The Bankâs total business mix (deposits + advances) stands at Rs 1.37 Lakh Crore as at March 31, 2016 and it has earned a net profit of Rs 475.65 Crore. Bankâs Capital to Risk weighted Ratio (CRAR) stood at 13.93% at the end of March 31, 2016. Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.