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India's Banks are trying to swindle the public-hoarders to deposit their Gold in the criminal banks LOL! Never happen ! Great article !! Today
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Original Message
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Classic weak sales pitch they are going to try in the next few weeks ! Never gonna happen as that's why they hoard and charish Gold in the first place 
The RBI plans to introduce three to four gold-linked products in the next few months, in an effort to bring 20,000 tonnes of gold held in households into the banking system, but the measure is unlikely to cut bullion imports sharply, a senior official said.
India is the largest importer of gold, which is its second biggest import item after oil and contributes around 10 percent to the total import bill.
Large gold imports are a worry for the government and the RBI, with the current account deficit shooting to a record high in the September-quarter, pressuring the rupee, and adding to inflationary pressures
The Reserve Bank of India (RBI) plans to mobilise the unused gold by lending it to importers and exporters of the yellow metal, in a move it hopes will bring down the demand for physical gold.
It wants banks to encourage products linked to accepting physical gold as deposits and investing public money in gold-related products, and extend loans against gold as collateral.
Indians own about 20,000 tonnes of gold, or three times the holdings of the US Federal Reserve, in jewellery, bars and coins.
"Overnight there won't be any reduction in imports, but people need to be made curious about new products," the RBI official with direct knowledge said.
The rest here. Make sure you press next at the bottom of the page as there are 5 pages to this article
[link to www.rediff.com]
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