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PNB tops in gold monetization scheme

image005Punjab National Bank said it has become the top mobilizer under the Gold Monetization Scheme launched in November. The bank has secured substantial gold deposit under Short Gold Bank Term Deposit (STGBD) for three years from Tirumula Tirupati Devasthanam, Tirpuati. The bank has mobilized 1,311 kg of gold since the launch of the scheme in November. It would continue to work actively for mobilization of gold deposit under GMS, it added. Under the GMS, banks are authorized to collect gold for up to 15 years to auction them off or lend to jewelers from time to time. Depositors will earn up to 2.50% interest per annum, a rate lower than bank deposits. GMS operates under three categories, short-term deposit (for one to three years with a rollout in multiples of one year), medium term deposit (for five to seven years) and long term deposit (for 12 to 15 years).

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