Kotak Mahindra Bank aims to sell 100 kg of gold through its retail business before Diwali.
"We have launched our retail gold business and are confident of selling 100 kg of gold by Diwali," Kotak Mahindra Bank Group Head, Retail Liabilities and Branch Banking, K V S Manian told journalists in Mumbai on Monday.
The bank, which launched its wholesale bullion business three months ago, has registered "a heartening performance so far" Manian said, adding the bank has already sold two consignments of gold, each of 300 kg so far.
Actors Sharmila Tagore and her daughter Soh Ali Khan were present for the launch of the bank's 'Gold Eternity' on Monday.
Available in tamper-proof packs, Gold Eternity bars, manufactured by PAMP in Switzerland, come in 50 and 100 grams and carry 99.99 per cent Assay certification, signifying the highest level of purity.
Kotak Mahindra Bank has been recommending gold as a part of its customers' investment porfolio.
"Gold performs the function of a wealth preserver in a portfolio and helps hedge the risks against growth asset classes like equity.
"In India, gold has the highest penetration than any other financial product and Gold Eternity will now enable us to offer this product to our customers in a convenient manner."
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