In an effort to put to productive use the gold lying idle with households and trusts, State Bank of India has mobilised 13,212 kg gold through the Gold Monetisation Scheme (GMS). SBI collected 3,973 kg of gold in the last financial year under the GMS programme, launched by the Narendra Modi-government to utilise gold lying idle with individuals as well as trusts, according to SBI’s annual report. With the collection of the last fiscal, the total gold reserves of SBI has crossed over 13,000 kg. Prime Minister Narendra Modi launched the GMS in November 2015 to cut India’s import bill and use the idle lying gold for productive purposes.
Read moreModi’s Gold Monetisation Scheme: SBI collects thousands of kg gold