Wednesday, July 7, 2010

India's PSB to Start Selling Gold, Silver Coins

State-run Punjab & Sind Bank is getting into the gold coin sales act.  Today the bank said it will start selling gold and silver coins.

"PSB is on the threshold of launching a customer-friendly scheme to sell gold and silver coins and bars of small denominations," PSB Executive Director P K Anand said.

The gold coins will be of 24 carat gold and of 999.99 per cent purity, as per the highest international standards, the bank said in a statement.

"These will be competitively priced on the basis of prices ruling in the international bullion market," Anand said.

"In the present scenario, gold provides an excellent hedge against inflation, a source of liquidity and a form of savings as well," Anand said.

Punjab & Sind Bank is a major bank in Northern India. It has near 900 branches and offices spread throughout India, almost 400 are in Punjab state. The bank's corporate headquarters is in New Delhi.

1 comment:

  1. 999.99%? That's nearly 1000% percent pure!

    Also, I like that they're crafting a "customer-friendly scheme". Just goes to show that all around the world, politicians and central bankers are constantly "schemeing" to "service" the taxpaying customer in a "friendly" way!