TIL Desk Lucknow:
In a city steeped in history and tradition, a bold new chapter was written today as Lucknow witnessed the launch of India’s first physical gold leasing center by myGold, a homegrown fintech startup. Positioned as India’s first physical gold leasing platform, the center opened its doors in the bustling Gole Market area of Mahanagar, marking a significant step towards redefining how Indians perceive and utilize their gold assets.
Conceptualized by Amol Bansal, the visionary entrepreneur behind BK Saraf Jewellers, a name trusted by generations in Lucknow for over 90 years, myGold seeks to transform idle household gold into a steady source of passive income. The inaugural event began with a traditional puja followed by a ribbon-cutting ceremony. Mr. Bansal personally walked guests through the new facility, introducing them to the advanced gold melting and purification machine installed at the center. This cutting-edge equipment, equipped with a karat meter, ensures that customers can witness the entire gold testing and conversion process live, reinforcing the brand’s commitment to transparency.
Interacting with the media, Bansal stated, “Everything happens in front of your eyes. There is no room for doubt. Transparency is our biggest strength.”
He further shared his long-term vision of activating India’s 25,000 tonnes of idle gold, aligning with Prime Minister Narendra Modi’s dream of building a USD 5 trillion economy and reviving India’s
golden legacy as the ‘Sone ki Chidiya’. Mr. Bansal emphasized that such initiatives also complement Chief Minister Yogi Adityanath’s vision of making Uttar Pradesh a One Trillion Dollar Economy, by encouraging grassroots-level wealth activation and promoting financial innovation rooted in Indian households.
At the core of this vision lies a simple yet powerful process: individuals can bring in their unused gold to the myGold center, where it is tested and melted, and its value converted into a 24-karat equivalent right before them. These details are then recorded digitally on the myGold mobile app, which enables complete transparency and ease of access for customers.
The converted gold is leased to trusted and verified jewellers, who in turn pay interest, not in cash, but in gold itself. As a result, customers earn an additional 5% gold by weight annually, creating a new income stream from what was once a dormant asset. Mr. Bansal described this model as a win-win for all stakeholders.
For customers, it offers compounded growth in gold weight along with the usual price appreciation of the yellow metal, which has historically risen by an average of 11% per year. For jewellers, it
provides an alternate route to source gold, helping them free up capital for business growth and other investments. And for the Indian economy, this initiative reduces the country’s dependency on imported gold, laying the groundwork for a more self-reliant and sustainable gold ecosystem.
Though the physical center has launched in Lucknow, myGold’s services are available pan-India through its easy-to-use mobile app. Users from anywhere in the country can lease their digital gold
with the same level of trust, transparency, and returns.
“It’s time to put your sleeping gold to work,” said Mr. Bansal in closing. “Let your gold earn you more gold and contribute to building our nation’s economy.”
With this launch, myGold is not only pioneering a unique financial innovation but is also setting the stage for a more inclusive and empowered way for Indians to invest and grow their wealth. This
fusion of traditional values and digital convenience marks a new era for gold investors across the country and contributes directly to Uttar Pradesh’s growing reputation as a promising startup ecosystem aligned with economic self-reliance.
