Bank of Baroda Strengthens Position in India's Bullion Market with IFSCA Approval

Bank of Baroda has secured IFSCA approval to operate as a Trading-Cum-Clearing Member on the India International Bullion Exchange at GIFT City, enhancing its role in India's bullion market. The bank aims to transform India's bullion sector into a transparent, competitive, and technology-driven marketplace.

Bank of Baroda announced on Friday that it has received approval from the International Financial Services Centres Authority (IFSCA) to operate as a Trading-Cum-Clearing Member on the India International Bullion Exchange (IIBX) at GIFT City.

Launching IIBX in July 2022 marked India's foray into its first international bullion exchange. As a Trading-Cum-Clearing Member, Bank of Baroda will execute, clear, and settle trades, thus boosting liquidity and efficiency in the bullion market, the bank disclosed.

The bank aims to revolutionize the bullion trading landscape into an efficient, transparent, and globally competitive platform, part of India's ambition to become a key player in global bullion trade, per Executive Director Lalit Tyagi.

(With inputs from agencies.)