The State Bank of India (SBI) has executed its first gold trade as a special category client on the India International Bullion Exchange (IFSC) Ltd. This marks a significant shift in how bullion imports are managed in India, promising improved efficiency, transparency, and accessibility for the industry, especially for MSME jewellers.
SBI’s involvement with IIBX aligns with its commitment to innovation and financial inclusion. By leveraging IIBX’s advanced infrastructure, SBI aims to streamline gold imports and reduce dependence on traditional methods. This move supports jewellers, bullion dealers, and other stakeholders in meeting the rising demand for precious metals across India.
SBI’s Strategic Role in GIFT City
In 2024, SBI became the first bank to join IIBX as a Trading-cum-Clearing Member. This strategic move underscores SBI’s focus on supporting GIFT City’s development as a global financial hub. It also aligns with government initiatives to modernise and formalise the bullion trade in India.
SBI Chairman C S Setty highlighted that this collaboration not only strengthens the bank’s pioneering role in financial services but also reshapes bullion imports to be more cost-effective and compliant with international standards. He noted that it benefits everyone from importers to consumers within the jewellery sector.
Supporting Make in India Vision
By participating in IIBX, SBI aims to enhance liquidity, offer competitive pricing, and foster sustainable growth within India’s bullion and jewellery industries. This initiative may encourage other nominated banks to join IIBX as Special Category Clients, collectively addressing the sector’s growing demands.
