ASSOCHAM advocates setting up Gold Bank

ASSOCHAM advocates setting up Gold Bank: The Chamber President Mr. Rana Kapoor said, the Gold Bank would procure and retain gold abroad through offshore foreign currency borrowing. Using this gold backing from the Gold Bank, scheduled commercial banks can offer Gold Deposit Account to



This report was published in Business Standard in 2014. Government has taken initiatives and progress is fairly good in regard to gold deposit accounts.

Now the second suggestion contained in the report on setting up a Gold Bank should be taken up for feasibility study. Copied below is the relevant excerpt from the report:

"The Chamber President Mr. Rana Kapoor said, the Gold Bank would procure and retain gold abroad through offshore foreign currency borrowing. Using this gold backing from the Gold Bank, scheduled commercial banks can offer Gold Deposit Account to its retail customers and the Finance Minister could consider announcing it with the Budget."

M G Warrier

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