SBI becomes the first bank as trading, clearing member of IIBX

Ahmedabad, May 13, 2024

Public sector lender, State Bank of India (SBI), on Monday announced it has become the first trading-cum-clearing member at the India International Bullion Exchange (IIBX) – the country’s first bullion exchange in GIFT City Gandhinagar.

This enables SBI’s IFSC Banking unit (IBU) to trade on the IIBX platform. The Reserve Bank of India recently permitted IBUs to act as trading members and trading and clearing members at IIBX as special category clients (SCCs) to import gold through the bullion exchange.

Sources said this will help boost gold and silver trading volumes at the IIBX.

“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 and excellence in the financial sector,” said Dinesh Khara, chairman, SBI.

[The Times of India]