Banks still undecided on interest rate for GMS

With just two weeks to go for the launch government’s much-awaited Gold Deposit Scheme there seems no consensus on the rate of interest banks can afford to pay to make this scheme a success.Speaking at the India International Gold Convention, Neerja Nigam, Deputy General Manager, State Bank of India, said banks can afford to pay not more than 0.75 per cent to 1 per cent considering the cost involved of collecting the gold from consumers largely in rural areas,...Read More