New Delhi: The State Bank of India (SBI) has become the first bank to join the India International Bullion Exchange (IIBX) as both a trading and clearing member, increasing the capabilities of the bank’s IFSC Banking Unit (IBU) to engage in gold trading on the IIBX platform.
IIBX is the nation’s first bullion exchange located in GIFT City, Gandhinagar. Dinesh Khara, Chairman of SBI, said, “This step marks a change in India’s Bullion Market, ushering transparency, efficiency, and accessibility in the bullion trading market and this significant milestone solidifies SBI’s commitment to innovation in the financial sector.”
The Reserve Bank of India recently allowed IBUs to act as trading and clearing members at the IIBX and classified them as special category clients (SCCs), allowing them to import gold through the exchange.
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