The Reserve Bank of India on Monday said that it has received a good response for the first tranche of the Sovereign Gold Bond (SGB) was open for subscription from November 5, 2015 to November 20, 2015.

The Bonds were issued on November 30, 2015. Total subscription denominated in units of Gold was 9,15,953 grams amounting to Rs 246 crore, the RBI said in the press release.

The Reserve Bank of India in consultation with Government of India (GoI) had launched Sovereign Gold Bonds (SGB) in an effort to reduce demand for physical gold by providing an alternative investment instrument linked to gold. The Bonds were sold through scheduled commercial banks and designated post offices, added further.

The top ten receiving offices in terms of subscription amount were HDFC Bank Limited, ICICI Bank Ltd, YES Bank Ltd, Allahabad Bank, Bank Of India, Andhra Bank, Karur Vysya Bank Ltd, DCB Bank Ltd, State Bank of India and Federal Bank Ltd.

"Certificates of holding have been sent to receiving offices and email ids of subscribers available on record. For obtaining copies of certificate of holding or any further assistance, subscribers may approach their receiving offices", RBI said.

In view of the encouraging investor response to the first tranche, further tranches of SGB will be announced by the Government in due course.

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