Punjab National Bank becomes top mobiliser under Gold Monetisation Scheme


State-owned Punjab National Bank on Tuesday said it has become the top mobiliser under Gold Monetisation Scheme, which was launched by Prime Minister Narendra Modi in November.

The bank has mobilised substantial gold deposit under Short Gold Bank Term Deposit (STGBD) for three years from one of the leading trusts of India – Tirumula Tirupati Devasthanam, Tirpuati (TTD), PNB said in a statement.

Thus, PNB is the top mobiliser of gold under Gold Monetization Scheme(GMS), it said.

The bank has mobilised 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.

PNB Managing Director Usha Ananthasubramanian accepted delivery of gold from TTD Executive Officer S Sambasiva Rao on Monday.

Under the GMS, banks are authorised to collect gold for up to 15 years to auction them off or lend to jewellers 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).