CURRENT AFFAIRS

Detailed explanation-1: -New Delhi: Federal Bank today said it has tied up with MMTC for offering the Indian Gold Coin (IGC), the first such offering by the Government.

Detailed explanation-2: -Both Union Bank customers as well as non customers can purchase Gold Coins from our branches. Union Bank customer can buy gold coins by issue of cheque from their accounts or provide a debit instruction. Non-customers can deposit cash for purchase of Gold Coins if the value is less than Rs. 50, 000/-.

Detailed explanation-3: -Mathew. MUMBAI: Kerala based private sector lender, Federal Bank has tied up with MMTC for distribution of Indian Gold Coins (IGC), the first-Ever national gold offering by the government, which was launched by Prime Minister Narendra Modi In November 2015.

Detailed explanation-4: -ICICI Bank offers gold in standard bar forms on outright sale basis. Bank imports physical bullion on consignment basis from London Bullion Market Association (LBMA) accredited international bullion suppliers and sells it to customers in India on outright basis.

Detailed explanation-5: -In November 2015, the Indian government introduced the Gold Monetisation Scheme (GMS) to bring together gold held by households and institutions in the country and encourage its use for productive purposes, with an aim to reduce the country’s dependency on gold imports.