Mumbai: India’s largest lender, State Bank of India, plans to launch a gold exchange traded fund (ETF) in 2008, its top official said on Monday, 19 November.
“We are examining this product in our mutual fund company and we are hopeful we should be able to come out with an ETF next year,” chairman O.P. Bhatt said at a conference.
The state-run bank also plans to widen its gold coin distribution network to 1,000 branches from 100, he said. It also plans to open a bullion branch at Zaveri Bazar in Mumbai, the hub of India’s gold trade.