The Hindu : Andhra Pradesh News : Syndicate Bank mulls buying back gold coins, bars

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Sunday, Nov 25, 2007
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Andhra Pradesh

Andhra Pradesh

Syndicate Bank mulls buying back gold coins, bars

Staff Reporter

Move to get a large share in gold retail market

NELLORE: After launching the “Synd Sona” scheme for selling gold coins to the public, the Syndicate Bank is now contemplating to permit buyback gold coins and bars to expand its business further.

“As of now, the bank has been selling gold coins in assorted size and assured quality from designated branches of the Syndicate Bank across the country.

As a result, the scheme has become popular among customers as well as the general public since coins are being made available at competitive rate in a world-class tamper proof Assay certified packaging with highest purity of 99.99 per cent.

But the scheme appears to have lost some sheen as a section of customers despite offering the purest gold at lowest price are not coming forward to purchase it.

Therefore the bank is contemplating to permit buyback gold coins and bars to make the scheme more attractive,” Syndicate Bank assistant general manager (Nellore region) S. Anjaneyulu and chief manager K. Manjunath told reporters on Saturday.

“With most of the jewellers buying gold back from customers any day at the prevailing price, many have been giving a skip in case they are looking at buying gold particularly from investment perspective. Therefore, the bank will now hit upon a new idea to get a large share in the gold retail market by introducing the buyback policy.”

Meanwhile, Syndicate Bank’s regional office made a total business of Rs. 1,826 crore till November 16 this financial year.

The bank has Rs.766 crore as deposits and has issued Rs. 1,060 crore in advance.

The AGM said the bank had 86 branches covering Nellore, Prakasham and Chittoor districts besides introducing core-banking solutions in 42 branches to operate their accounts from any of the networked branch.

The region has 10 ATMs to facilitate customers. Syndicate Bank Lead District Manager K. Anjaneyulu was also present.

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