KVB enters precious metals business for corporate customers
KVB serves approximately 6,000 jewellers andjewellery manufacturers and in order to serve them fully, thebank now offers precious metals (gold & silver) to itscorporate customers (B2B), a press release from the bank said.
"This will enable our customers to compete moreeffectively in this highly competitive industry," it said.
The gems and jewellery business in the countrycontributes about 7 per cent of the GDP and 15 per cent of thetotal merchandise exports.
After China, India is the second largest consumer ofgold where the demand was about 700 tonnes during 2019.
As the gems and jewellery business is an importantpart of the economy the bank is now in a position to enhanceits support to this important industry, the release said.
On a trial basis, the bank delivered its firstshipment to clients in Chennai and Coimbatore recently.
It is now in the process of ramping up the businessto fully extend support to its existing set of customersacross the nation.
It may be re-iterated that this new business has beenlaunched after ensuring the highest quality risk management,the release said. NVMNVG NVG