The scheme was formally launched here on Tuesday by the bank general manager PK Gupta, who also conducted the first sales to the bank's leading customers. Speaking on the occasion, Gupta said the bank's gold import scheme would now be available in selected branches in seven centres in the country for the benefit of exporters, NRIs, returning Indians and the bank's domestic clientele.

He said initially, the business would be conducted on consignment basis for which supply arrangements had already been entered into withCommerz Bank, Luxemburg.

The seven centres include Delhi, Mumbai, Ahmedabad, Jaipur, Ludhiana and Amritsar, besides Chennai, where international qaultiy gold bars would be available for sale in the banks selected branches.

Highlighting the bank's latest performance on the occasion, Gupta said the gross profits of the bank during the first quarter of the current fiscal registered a growth of 49.9 per cent to touch Rs 331.39 crore as compared to Rs 221.14 crore during the same period last year. The total business of the bank touched Rs 71000 crore at the end of the first quarter, he said, adding that the targets for 2000-01 have been aimed at Rs 85000 crore. The total forex turnover of the bank reched Rs 13700 crore in 1999-2000 and the target for the current financial year was Rs 18500 crore he said.

BM Sharam, zonal manager, southern region in his address said the zone spread over the four southern states and the union territorry of Pondicherry was targetting a business of Rs 3900 crore during the current fiscal as agaist Rs 3300 crore atpresent. The Mint Street branch in Chennai is the first branch in the southern zone designated for handling the newly launched gold business scheme.