Date:11/01/2007 URL: http://www.thehindubusinessline.com/2007/01/11/stories/2007011101252100.htm

Back IOB begins sale of gold coins

Our Bureau

Visakhapatnam , Jan. 10

Indian Overseas Bank, Visakhapatnam region, has started selling gold coins in denominations of 4 gm, 8 gm, 20 gm and 50 gm.

Mr M.N. Krishnan, Chief Regional Manager, said at a press meet here on Tuesday that the gold coins would be imported from Switzerland and they would be duly assayed for 24 carats with purity of 999.9.

He said the sale would begin at the main branch in Dwarakanagar on Wednesday and all the 39 branches in the region would sell coins.

The rates for the coins would be fixed on the daily bullion rates and sales tax would be levied in addition, he said.

The performance

Referring to the performance of the region, he said the business mix amounted to Rs 1,500 crore, deposits amounting to Rs 830 crore and advances Rs 670 crore. Agricultural credit constituted Rs 230 crore out of the priority sector lending of Rs 419 crore.

The share of SME and SSI sector was Rs 64 crore and the credit deposit ratio was well over 81 per cent, he said.

Three more off-site ATMs would be established in the region, one each at Kakinada, Rajahmundry and Amalapuram, he said.