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India Gold Policy Centre hints to encourage banks to promote Gold monetisation

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MUMBAI (Scrap Register): India Gold Policy Centre (IGPC) suggests that India's Gold  Monetisation Policy's effectiveness could see the success in increasing circulation of Gold in the economy depends on encouraging banks and understanding consumer sentiments.

The effectiveness of the policy also depends on recognising the challenges faced and incentives required by banks, refiners and other stakeholders in implementing this policy.

The scheme launched in November 2015 with a much fanfare to mobilise idle gold in the country to use it for the economy has met with a poor response with a few tons fresh mobilisation.

The paper quotes a nation-wide survey-based study of 1,171 households as well as an interview-based study of senior management of six banks, five gold refiners and one industry consultant.

According to media report, the study showed that family functions and festivals were triggers for gold purchase, indicating ingrained the habit and planned accumulation.

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