SBI becomes first bank to join IIBX GIFT City as TCM member

Gandhinagar: The State Bank of India (SBI) on Tuesday, announced that it has become the first bank to be a trading-cum-clearing (TCM) member of the India International Bullion Exchange (IIBX) at GIFT City in Gujarat.

This milestone allows SBI IBU Gift City to conduct and settle trades on the IIBX platform on behalf of its clients, according to an official release.

RBI guidelines permit branches of Indian banks in GIFT IFSC to act as trading members (TM) or trading and clearing members (TCM) of IIBX. The central bank also allows special category clients (SCC), including nominated banks in India, to import gold through IIBX.

The entry of India’s largest bank as a TCM is expected to significantly boost trading volumes at IIBX, the release noted.

Dinesh Khara, Chairman of SBI, stated, “This step marks a transformation in India’s bullion market, bringing transparency, efficiency, and accessibility to bullion trading. It also reaffirms SBI’s commitment to innovation and excellence in the financial sector.” DeshGujarat