IndusInd Bank in gold trading

By Our Banking Bureau | 02 Jul 2003

1

Mumbai: IndusInd Bank is entering into bullion trading business across nine centres.

The private sector bank aims to capture a 15-20 per cent of the Rs 25,000-crore per annum gold import market in the first year of its operation, said the bank in its press release.

Gold is brought into the country mainly through designated banks or through non-resident Indians returning home. The role of an intermediary between the overseas suppliers and the domestic buyers without itself stocking the yellow metal is what IndusInd Bank plans to do.

The bank, which has set a minimum lot size of 10 kilogram, plans to do the business in Ahmedabad, Bangalore, Chennai, Coimbatore, Jaipur, Kolkata, Mumbai, New Delhi and Secunderabad.

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