• Launches 'Dhan' silver bars in two denominations of 50 and 100 grams
Mumbai, January 9, 2012: Dhanlaxmi Bank, one of India's fastest growing mid-size private sector banks, today entered the silver retailing business with the launch of 'Dhan' silver bars. The silver bars will be available in a tamper proof laminated pack in two denominations of 50 and 100 grams at branches across the country.
'Dhan' silver bars with a purity of 99.99% will carry Assay
certification, signifying highest purity of silver as per
international standards.
Speaking on the occasion, Mr. Deepak Singh, Head, Insurance,
Gold & Silver, Dhanlaxmi Bank said: "The launch of 'Dhan'
silver bars has been prompted by the success of the bank's
gold retailing business. With this launch, we foresee further
traction and aim to become one of the leading players in the
bullion business in the next couple of years."
The launch of silver retailing marks the second phase of the
bank's foray in silver bullion business. In July
2011, the bank rolled out its wholesale initiative with the
launch of 30 kg silver bars and silver grains.
India is the largest importer of silver in the world.
According to estimates of Bombay Bullion Association, imports
of silver into India will exceed 4,000 tonnes in 2011. In
2010, India consumed about 2,800 tonnes of silver.
"We see a lot of potential in metals as an asset class. With
higher disposable income and high inflation, investment in
metals such as silver and gold will allow investors to hedge
and diversify their savings and investment portfolio," Mr.
Singh added.
About Dhanlaxmi Bank:
Dhanlaxmi Bank is an 84-year old bank, being incorporated in
1927 at Thrissur, Kerala. In the last three years, it has
transformed into a well diversified bank with a pan-India
presence from being an SME focused South India based bank.
With a network of 275 branches and 404 ATMs covering 140
centers across 14 states, the bank services a broad customer
base of over 2 million. The bank provides a suite of
banking
products and services to its customers across Retail Banking,
Wholesale Banking, Microfinance and
Agricultural Lending and Small and Medium Enterprises
Group.
During the last three years, Dhanlaxmi Bank's total deposits
increased from Rs.3,936 crore as on September
30, 2008 to Rs. 13,815 crore as on September 30, 2011,
advances rose from Rs. 2,490 crore as on
September 30, 2008 to Rs. 10,130 crore as on September 30,
2011. The bank's total business stood at Rs.
23,945 crore, as on September 30, 2011 with total asset base
at Rs. 16,452 crore.
The shares of the bank are listed on the Bombay Stock
Exchange Limited, the National Stock Exchange of
India Limited and the Cochin Stock Exchange.
For additional information please log on to www.dhanbank.com
Ravindra Kanchan
Associate Vice-President, Corporate Communications
Dhanlaxmi Bank
Mobile: +91 - 96198 58132
Email: ravindra.kanchan@dhanbank.co.in
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Dhanlaxmi Bank forays into silver retailing business. Launches ‘Dhan’ silver bars in two denominations of 50 and 100 grams |