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Representational Image
Representational Image

Aiming to cater to the gold demand in the country during the ongoing festive season, three more banks – HDFC Bank, ICICI Bank and Andhra Bank – have partnered with MMTC to retail the Indian Gold Coin across the country, a statement said here on Thursday.

The coins are now available at MMTC outlets across India along with branches of seven banks in total.

“With the new partnerships, the network selling the sovereign gold coin is now around 300 outlets for the auspicious gold buying occasion – Dhanteras that falls on Friday, October 28 this year,” the joint statement by MMTC and the World Gold Council said.

Also Read: Gold Eases On Subdued Demand, Silver Gains

The other banks, which were already selling gold coins were Indian Overseas Bank, Vijaya Bank, Federal Bank and Yes Bank.

The Indian Gold Coin is available in denominations of 5 and 10 gm coin and 20 gm bar.

“This Diwali, banks have become the lead distribution channel for Indian Gold Coin. Within one year of launch seven leading banks in India are retailing the national gold coin. We will continue to partner with more banks to widen the distribution,” said Ved Prakash, Chairman and Managing Director, MMTC.

“We are expecting Indians to celebrate the festival by buying the Indian Gold Coin – India’s first sovereign gold coin. The purchaser of an Indian Gold Coin directly contributes towards the economic growth of the nation and it will also aid in recycling of gold through transparent buy-back option available at MMTC showrooms,” he added.