Lucknow: As Lucknow continues to emerge as a thriving startup hub, fintech innovation has taken a new leap with the launch of India’s first physical gold leasing centre in the city. Spearheaded by homegrown fintech startup myGold, the centre was inaugurated on Sunday at Gol Market, Mahanagar.
The initiative is the brainchild of Amol Bansal, founder of BK Saraf Jewellers — a trusted name in the city for over 90 years. With myGold, Bansal envisions transforming idle gold lying in homes into a productive and income-generating asset.
The launch ceremony began with a traditional puja, followed by a ribbon-cutting event. Guests were given a guided tour of the facility by Bansal himself, who showcased high-tech machines for gold melting and purity testing. The machines, including an advanced carat meter, perform the entire process in full view of the customer, ensuring complete transparency.
“The whole process takes place right in front of you. There’s no scope for doubt or deception. Transparency is our biggest strength,” said Bansal during an interaction with the media.
The objective of myGold is to activate India’s estimated 25,000 tonnes of idle gold and turn it into a reliable income source for individuals. This aligns with Prime Minister Narendra Modi’s vision of a $5 trillion economy and Uttar Pradesh Chief Minister Yogi Adityanath’s goal of a $1 trillion state economy by promoting financial innovation and better asset utilization at the grassroots level.
Under the gold leasing model, customers bring in their unused gold, which is tested, melted, and valued at 24-carat purity in front of them. The data is digitally uploaded on the myGold app, after which the gold is leased out to verified jewellers. These jewellers return the gold to customers with an annual 5% interest paid in gold weight.
The model is mutually beneficial:
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Customers earn interest in the form of gold.
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Jewellers get interest-free gold, improving their cash flow.
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The economy benefits from reduced pressure on gold imports.
“It’s time the gold lying dormant in our homes begins to work for us,” Bansal remarked. “Let your gold earn more gold for you while strengthening the economy.”
While the physical centre is now operational in Lucknow, the myGold app is live nationwide, enabling users across India to take advantage of this digital and transparent gold investment solution.
With its innovative approach, myGold is redefining traditional gold investment by blending trust, technology, and returns. The startup’s move is expected to not only shift consumer behavior around gold but also place Uttar Pradesh firmly on India’s fintech innovation map.
