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SBI enters India’s Bullion Market; becomes first bank to attain TCM status at IIBX

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SBI on monday its attainment of Trading cum Clearing Member (TCM) status at the India International Bullion Exchange (IIBX). The IIBX, a forward-thinking initiative, aims to enhance India’s global standing by offering a top-notch platform exclusively for precious metals trading.

These developments follow recent RBI guidelines, which permit branches of Indian banks in the GIFT IFSC to function as Trading Members (TM) or Trading and Clearing Members (TCM) at the IIBX. Additionally, the central bank’s directives extend this privilege to SCCs (Special Category Clients), such as nominated banks in India, facilitating gold imports via the IIBX.

SBI’s newfound status as a TCM is expected to boost trading volumes at the IIBX significantly. This achievement also paves the way for SBI IBU Gift City to conduct trades on the IIBX platform and settle transactions for its clients.

Dinesh Khara, Chairman of SBI, emphasized the significance of this milestone, stating, “This marks a transformative moment for India’s Bullion Market, introducing transparency, efficiency, and accessibility. It underscores SBI’s dedication to innovation and excellence in the financial sector.”

Tags: IIBXSBI