October 23, 2015

Banks free to fix interest rates on gold deposit scheme: RBI

Reserve Bank today issued guidelines for the Gold Monetisation Scheme that allow banks to fix their own interest rates on gold deposits.

The gold deposit scheme is aimed at mobilising a part of an estimated 20,000 tonnes of idle precious metal with households and institutions.

As per the guidelines, banks will be free to set interest rate on such deposit, and principal and interest of the deposit will be denominated in gold.

Read more at http://www.financialexpress.com/article/industry/banking-finance/banks-free-to-fix-interest-rates-on-gold-deposit-scheme-rbi/155359/

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