Mumbai: RBI Tuesday said the Sovereign Gold Bond (SGB) scheme has received a good response with total subscription value amounting to Rs 246 crore and it has already issued certificates.


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"In view of the encouraging investor response to the first tranche, further tranches of SGB will be announced by the government in due course," RBI said in a statement.


The scheme closed on November 20 and bonds were issued on November 30, RBI said in a statement.


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"First tranche of Sovereign Gold Bonds 2015-16 receives good response. Total subscription denominated in units of gold was 9,15,953 grams amounting to Rs 246 crore," RBI said.


The first tranche of the SGB was open for subscription during November 5-20 through commercial banks and designated post offices.


RBI in consultation with the government has launched the SGB in an effort to reduce demand for physical gold by providing an alternative investment instrument linked to gold.


Further, RBI said the certificates of holding have been sent to receiving offices and email ids of subscribers available on record.


HDFC Bank, ICICI Bank, Yes Bank, Allahabad Bank, Bank of India, Andhra Bank, Karur Vysya Bank, DCB Bank, SBI and Federal Bank were the top 10 receiving offices in terms of subscription amount, it said.