(ET)
The Reserve Bank of India’s direction to all lenders to promote and publicise the Gold Monetisation Scheme (GMS) from their branches underscores the intent of the banking regulator to make the Scheme a success, said officials from two private banks.
The Reserve Bank of India (RBI) on August 16 directed all scheduled commercial banks (except regional rural banks) to promote the Gold Monetisation Scheme that was introduced on October 22, 2015 to replace the Gold Deposit Scheme, 1999. “All designated banks shall give adequate publicity to the Scheme through their branches, websites and other channels,” said the RBI.
An official from a private sector bank said this “underscored” the importance RBI was giving to the Scheme. Until the August 16 circular, banks were accepting gold deposits under the Scheme but were not actively promoting it, added the banker.
