IOB launches bullion trading in Mangalore

IOB launches bullion trading in Mangalore

Mangalore Today News Network

Mangalore, Dec 27, 2011: Indian Overseas Bank (IOB) has launched bullion trading in Mangalore for gold traders and gold manufactures on Monday, December 26. Mr. M. Naredra, Chairman and Managing Director, IOB said “The trade is for those who resell the gold or manufacture jewellery from it for the domestic and export market. He was speaking at the press conference to announce the launch of the scheme.

 

The bullion trading is available at the bank’s Hampankatte branch. It is to serve gold traders and gold manufactures from seven regions namely Dakshina Kannada Udupi, Shimoga, Hassan, Madikeri, Kawar and Chikmagalur, Mr. Umesh Said. Shyam Jewellery, Puttur, sai Bullion Traders, Mangalore and Vijendra Shet were given token quantities of gold at the event.

Mr. Narendra said that the bank buys gold from temples including from Tirupati. It buys old, unused Jewellery, from households too. However, this scheme is not popular as people attach an emotional value to Jewellery ad do not sell it, he said.

Speaking on the bank’s new products and projects, launched on the occasion of its 75th anniversary, he said that IOB deposits have grown by 15.91 percent as against the average of 9.71 percent while its advances grew by 17.76 percent as against the average of 7.38 percent. 

The Mangalore Regional office started in April, 2011 with 21 branches and 15 branches were added in the last nine months. Five more branches will be opened in the region.

Earlier in the day, the bank had inaugurated its branch in surathakal, he said. It is planning to open 25 AMs and 10 branches in the Mangalore region. It will open an ATM at Aaykar Seva Kendra (Income Tax Service Centre) in Mangalore, which will be inaugurated by the Finance Minster. The bank opened its 2,259th branch in Sringeri, which is the bank’s 100th branch in Karnataka.

K. Anil, the senior region manager of IOB, was also present.