State Bank of India Mobilized 13 Tonnes of Hoarded Gold

SEATTLE (Scrap Monster): The State Bank of India (SBI) - the largest public sector banking institution in the county announced that it has so far mobilized over 13 tonnes of household and institutional gold through government’s Gold Monetization Scheme (GMS). The scheme was launched in 2015, aimed at unlocking stashed gold with households and institutions for productive purposes, so as to reduce the country’s dependence on gold imports.

A total of 3,973 kilograms of gold were collected during the fiscal year 2019-’20, under the government scheme, thereby bringing the cumulative collection of the yellow metal till date to 13,212 kilograms.

RELATED NEWS:

India's Gold Deposit Scheme Targets Temple Gold

India's Proposed 'Gold Deposit Scheme' Could Raise INR 1 Trillion

The collection of gold through sovereign gold bond (SGB) scheme too recorded notable growth. The gold mobilized through this scheme totalled 647 kilograms in the fiscal year 2019-’20. Since the inception of the scheme in 2015-’16, the bank has mobilized 5,098 kilograms of gold, said the annual report published by the bank.

The bank has continued to be the leading provider of metal gold loan to gold jewellery manufacturers. It extended loan to the extent of 22,255 kilograms during the fiscal year 2019-’20.