India’s largest public sector bank, SBI, on Monday announced its achievement of gaining the status of Trading cum Clearing Member (TCM) at the India International Bullion Exchange (IIBX).
IIBX stands as a visionary initiative, poised to elevate India’s stature by providing a world-class platform dedicated to the trading of precious metals.
These developments come on the heels of RBI guidelines, extending permissions for branches of Indian banks in the GIFT IFSC to operate as Trading Members (TM) or Trading and Clearing Members (TCM) at IIBX.
The guidelines by cenbank also extends the privilege to SCCs (Special Category Clients), including nominated banks in India, to engage in gold imports via IIBX.
SBI’s emergence as a TCM promises to accelerate trading volumes at IIBX.
This milestone unlocks new avenues for SBI IBU Gift City, empowering it to execute trades on the IIBX platform and settle transactions on behalf of its clientele.
Dinesh Khara, Chairman of SBI, remarked, “his 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.”
