The state-owned lender
The bank plans to extend credit against the security of gold throughout
The public sector bank, as part of this process, has shortlisted about 25 branches in and around the city of
Speaking to the media,
Chatterjee has revealed that the company will set up key infrastructure in these selected branches so that they can extend credit against gold in line with the scheme.
The bank official has also disclosed that the bank has fixed an attractive rate of interest in order to magnetize more retail clients.
Chatterjee revealed, Often retail customers look for quick credit and domestic gold could be used for availing such credit.
He further said, We are offering an interest rate of 12 per cent, which is lower than what is charged by various private companies. The loan tenure is for five years.
Non-bank financial companies (NBFCs) levy an interest rate of about 18% for their gold loan schemes.
According to Chatterjee,
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