Corp Bank's biz over Rs 50,000 cr

8gm gold coin celebrates centenary

The Corporation Bank's aggregate business has crossed Rs 50,000 crore mark during the present fiscal year announced V K Chopra, chairman and managing director of the Bank here today.

Speaking after launching the centenary gold coin at the Bank's head office, he said 95 per cent of the Bank's branches would be brought under core banking solution by the end of this fiscal year.

The 24 carat centenary gold coin weighs eight grams and is of 999.9 purity with certification as per international standard. These coins are imported from Switzerland and are sold to retailers or individuals at the best price prevailing on the date of purchase, initially through 90 identified branches in major centres across the country.

The front face will have the Corporation Bank emblem and the back side will either have goddess Lakshmi or certificate of purity. The coins can be purchased through any branch in the country.

Chopra said Corporation Bank is the first among the public sector banks to launch the sale of retail gold. The Bank is offering this specialised product to its customers during its centenary year keeping in mind that India is the cornerstone of the world physical gold market and is the largest consumer of gold. The country fabricates roughly 100 tonnes of gold jewellery annually which forms 30 per cent of gold jewellery fabricated world-wide.

He recalled that when banks were first permitted to import gold bullion for domestic market in August 1997, Corporation Bank was the first among the public sector banks to import gold.

The bank also launched a new equity broking facility to its customers. The bank is providing online and offline equity broking facility in association with ILFS Investsmart to its customers having operative account and DP account with the Bank. In the case of online trading, tech savvy investor is allowed to login and execute the sale and purchase of securities subject to availability of funds in operative account and securities DP account.

In offline trading, investors can call up the designated broking desk for sale and purchase of securities.

Broking desk will verify the availability of funds/securities before execution of the order. The Bank is offering the services in select branches in Mumbai and now extending the services to its customers in Mangalore, Chopra added.