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IOB Starts issuing of Gold bonds

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The Union government announced three important gold schemes in the last year.One of the three schemes is the issue of gold coins through banks. As a part of implementation, the Indian Overseas Bank has started issuing the gold coins in its branch.

Flash points

  • IOB is the first bank which has started the issue of gold coins
  • The gold coins are available in the denomination of 5,10 and 20 gms
  • IGC is the first gold offering scheme launched by Modi last November
  • The Indian Gold Coin is of 24 carat purity, 999 fineness and has the national emblem of Ashok Chakra engraved on one side and the face of Mahatma Gandhi on the other
  • The coin is minted by the Security Printing and Minting Corporation of India Limited and hallmarked by the Bureau of Indian Standards.IOB

Gold schemes launched

  • Sovereign Gold bond scheme
  • Gold monetization scheme
  • Gold coin scheme

Points to know

  • Indian overseas bank Headquarters- Chennai
  • MD & CEO- Koteeswaran
  • Tagline-‘Good people to grow with’