SBI Pioneers Bullion Trade as Special Category Client on IIBX

State Bank of India (SBI) executed its first gold trade as a special category client on the India International Bullion Exchange, marking a new era for bullion imports. This move aims to enhance efficiency and transparency for the industry, particularly benefiting MSME jewellers, and aligning with SBI's innovation focus.

The State Bank of India (SBI) has executed its inaugural gold trade as a special category client on the India International Bullion Exchange (IIBX), signaling a transformative shift for bullion imports in India.

This initiative aims to boost efficiency, transparency, and accessibility in the industry, with a special focus on MSME jewellers. By becoming a Trading-cum-Clearing Member, SBI reinforces its commitment to financial innovation and inclusion.

The bank's strategic involvement on IIBX underscores its focus on GIFT City as a global financial hub. It supports government efforts to modernize the bullion trade, encouraging other banks to join the exchange as Special Category Clients.

(With inputs from agencies.)