Dhanlaxmi Bank, one of India's fastest growing mid-size private sector banks, today said it has entered the gold retailing business with the launch of 'Dhan' gold coins.
The 24-carat gold coins will be available in a tamper- proof pack in two denominations of five and 10 grams at the bank's 275 branches across the country, Dhanlaxmi Bank said in a statement here.
'Dhan' gold coins with a purity of 99.99 per cent will carry Assay certification, signifying highest purity of gold as per international standards. The pure gold coins will be imported from Switzerland based PAMP S.A. Geneva (Produits Artistiques Metaux Precieux), one of the world's premier gold refiners, it said.
The launch of gold retailing marks the second phase of the bank's bullion business. In June 2011, the bank rolled out its wholesale initiative - 24-carat gold bars weighing one kilogram.
"The launch of gold retailing is part of the bank's overall strategy to be a leading provider of end-to-end investment products and services across all verticals. With this launch, we aim to become one of the leading players in the bullion business in the next couple of years," Dhanlaxmi Bank's Chief Financial Officer Bipin Kabra said.