6 Gujarat banks stop gold imports

AHMEDABAD, SEPT 9: Depressed market conditions, poor off-take and mysterious manoeuvring by a trader has forced six leading public sector ...

AHMEDABAD, SEPT 9: Depressed market conditions, poor off-take and mysterious manoeuvring by a trader has forced six leading public sector banks in Gujarat to discontinue imports of gold. Gujarat contributes roughly 55 per cent in total gold import under the Gold Banking Scheme.

At present, only State Bank of India and Allhabad Bank are importing gold under this scheme. SBI is the only bank which is not affected by the present situation and it is selling 2000 T.T. bars daily. An official of the SBI informed that last year its sale under the scheme was to the tune of Rs 1300 crore, but with the entry of Standard Chartered Bank its turnover was marginally affected.

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