MMTC Eyes Tie-Ups with SBI, ICICI, India Post for Gold Coins

MMTC is looking to strengthen marketing network for selling Indian Gold coins - a part of gold monetisation programme - by entering into tie-ups with SBI, ICICI Bank and India Post, the state-owned firm said today.

"We are talking to SBI, ICICI Bank and India Post and we believe that in two weeks time, we will finalise 100-150 branches or outlets in the country for selling Indian Gold coins", MMTC Ltd Chairman and Managing Director Ved Prakash said here today.

"Thereafter, we will go with the full-fledged national roll-out of the coins. We are not doing the national launch...till we have infrastructure, so that coins are available to everybody", he further said.

Presently, it is retailing 'Indian Gold' coins through 22 outlets.

Today, MMTC announced to tie up with Punjab Small Industries and Exports Corporation (PSIEC)for retailing the gold coins through 'Phulkari Emporium' in Punjab.

"The Indian Gold Coin will bring a paradigm shift in the way gold coins are viewed in India, as it is the first standard gold coin that can be recycled without melting. We look forward to a successful partnership with the PSIEC that will retail these coins in Chandigarh", said Prakash.

PSIEC has 5-6 outlets in Punjab from where coins could be retailed.

The 'Indian Gold' coin is of 24 carat purity and has the national emblem of Ashok Chakra engraved on one side and the face of Mahatma Gandhi on the other.

Initially, the coins will be available in denominations of 5, 10 and 20 grams.