New Delhi: According to the annual report of the State Bank of India (SBI), it has raised 13,212 kg of domestic and institutional gold under the Gold Monetization Scheme (GMS).
The report said that the bank raised 3,973 kg of gold under the GMS in 2019-20. The government started the scheme to use gold held with common people and trusts.
SBI said in the report, “During the financial year 2019-20, the bank raised 3,973 kg of gold, with which a total of 13,212 kg of gold has been raised so far”. GMS was launched in November 2015 to raise.
The objective of the plan was to reduce the country’s dependence on gold imports by using idle gold. The bank further said that during 2019-20, it raised 647 kg (Rs 243.91 crore) of gold through Sovereign Gold Bond (SGB).
