Yes Bank has launched the gold sovereign bond from major branches across the country, and is in the process of fine tuning its launch of the gold monetization Scheme.

The bank through its YES Institute had floated multiple concept and implementation papers on the gold monetization schemes to build an industry level consensus thereby augment the government's stellar efforts

Rana Kapoor, MD & CEO, Yes Bank said, "The gold monetization scheme is a breakthrough step towards financialization of gold and will also significantly strengthen our economy and help easing pressure on current account deficit. The sovereign bond scheme will help shift part of the estimated 300 tonnes of physical gold bars and coins purchased every year in the country for investment into demat gold bonds.''

The gold schemes launched by Prime Minister Narendra Modi are a 'Golden Opportunity' to monetize the country's massive idle gold reserves, thereby strengthening the economy, and reducing gold imports.

India is one of the world's largest consumers of gold; with a major proportion of savings in gold, it is vital to monetize this commodity through an interest earning investment instrument, which will result in increased liquidity in the economy.

Shares of the bank declined Rs 21.85, or 2.79%, to settle at Rs 761.35. The total volume of shares traded was 251,028 at the BSE (Thursday).