SBI joins India International Bullion Exchange as special category client

State Bank of India (SBI) on Saturday announced executing its inaugural gold trade as a special category client (SCC) on the India International Bullion Exchange (IFSC) Ltd.

This event heralds a transformative era for bullion imports in India, enhancing efficiency, transparency, and accessibility for the industry, particularly the MSME jewellers, SBI said in a statement.

SBI was also the first bank to become a Trading-cum-Clearing (TCM) Member at India International Bullion Exchange in 2024, it said. As a special category client, SBI is positioned to facilitate seamless bullion transactions, supporting jewellers, bullion dealers, and other stakeholders in importing gold through IIBX and meeting the escalating demand for precious metals across the country, it said. The move aligns with SBI’s commitment to innovation and financial inclusion, leveraging the advanced infrastructure of IIBX to streamline imports and reduce reliance on conventional methods, it added.

SBI Chairman C S Setty said this collaboration not only reinforces the bank’s role as a pioneer in financial services but also contributes to reshaping bullion imports, making them more cost-effective and compliant with global standards. It’s a moment of national pride, benefiting the entire ecosystem from importers to consumers in the jewellery sector, he said. SBI’s participation on IIBX underscores its strategic focus on GIFT City as a global financial hub and supports government initiatives to formalize and modernise the bullion trade.