SBI Makes History! First Bank To Join India International Bullion Exchange

(May 14, 2024 - Times of India)

State Bank of India (SBI) has made history by becoming the inaugural trading-cum-clearing member at the India International Bullion Exchange (IIBX) situated in GIFT City Gandhinagar. This groundbreaking move enables SBI's IFSC Banking unit (IBU) to actively participate in trading on the IIBX platform.

The Reserve Bank of India's recent authorization for IBUs to function as trading members and trading and clearing members at IIBX as special category clients (SCCs) has paved the way for this development.

The industry sources anticipate that this strategic collaboration will significantly enhance gold and silver trading volumes at the IIBX. SBI's entry as the premier bank to attain Trading cum Clearing (TCM) membership status at the India International Bullion Exchange underscores the institution's commitment to pioneering advancements in the financial sector.

As per the bank's filing on the NSE, "SBI announced that it has become the first bank to become a Trading cum Clearing (TCM) Member at India International Bullion Exchange. India International Bullion Exchange (IIBX) is India’s first bullion exchange established in IFSC Gift City."

It was established as India's inaugural bullion exchange within IFSC Gift City, the IIBX holds promise for transforming the landscape of bullion trading in the country.