The State Bank of India (SBI) on Tuesday announced that it has secured the distinction of being the first bank to become a trading-cum-clearing (TCM) Member of India International Bullion Exchange at the GIFT City in Gujarat.
This milestone enables SBI IBU Gift City to conduct trades on the IIBX platform and settle them on behalf of its clients, per an official release.
RBI guidelines permitted branches of an Indian Bank in GIFT IFSC to act as a trading member (TM)/trading and clearing member (TCM) of IIBX. The central bank also allowed special category clients (SCC) which are nominated banks in India to import gold through IIBX.
The entry of India’s largest bank into the field as a TCM is poised to boost trading volumes at IIBX, the release added.
Dinesh Khara, Chairman, SBI, said, “This step marks a change in India’s bullion market, ushering transparency, efficiency, and accessibility in the bullion trading market and solidifies SBI’s commitment to innovation and excellence in the financial sector.”