The State Bank of India (SBI) has recently become the first bank to join the International Bullion Exchange (IIBX) at GIFT City, Gujarat as a trading-cum-clearing member.
About the IIBX:
- The IIBX, launched in 2022, is India’s first bullion exchange and the third of its kind globally. It operates under the regulation of the International Financial Services Centre (IFSC) Authority and is backed by leading market infrastructure institutions such as the National Stock Exchange (NSE) and the Multi Commodity Exchange of India.
- All contracts on the IIBX are listed, traded, and settled in US Dollars.
- The IIBX serves as the primary gateway for all bullion imports intended for domestic consumption in India, aiming to create a world-class bullion exchange ecosystem. This includes promoting bullion trading and investment in bullion financial products as well as providing vaulting facilities in IFSCs, ultimately leading to the financialization of gold in India
Ref: Source
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