- SBI becomes the first bank as a trading and clearing member of IIBX.
- The State Bank of India (SBI) has announced that it has become the first trading-cum-clearing member of the India International Bullion Exchange (IIBX).
- India International Bullion Exchange (IIBX) is India’s first bullion exchange in GIFT City, Gandhinagar.
- Now, SBI’s IFSC Banking Unit (IBU) will be able to trade on the IIBX platform.
- Recently, RBI has permitted IBUs to act as trading members and clearing members at IIBX as special category clients (SCCs) to import gold through the bullion exchange.
- With the entry of SBI, the trading volume at IIBX will get a boost.
India International Bullion Exchange
- Prime Minister Narendra Modi launched the India International Bullion Exchange (IIBX) on July 29 2022.
- It is regulated by the International Financial Services Centres Authority (IFSCA).
- It promotes bullion trading, investment in bullion financial products, and vaulting facilities in IFSCs.
- India’s gold market is one of the largest in the world and holds an important position in the global bullion market.