Daijiworld Media Network - Mumbai

Mumbai, Nov 2: The State Bank of India (SBI) on Saturday announced that it has successfully executed its first gold trade as a Special Category Client (SCC) on the India International Bullion Exchange (IIBX), a move seen as a major milestone in reshaping the country’s bullion import framework.

The development, SBI said, signals the beginning of “a transformative era” for India’s bullion trade — enhancing efficiency, transparency, and accessibility, particularly benefiting MSME jewellers across the nation.

SBI, which became the first bank to join IIBX as a Trading-cum-Clearing (TCM) Member in 2024, said the new SCC status will allow it to facilitate smooth bullion transactions for jewellers, bullion dealers, and other stakeholders.

In an official statement, the bank noted that its active participation will help streamline gold imports through IIBX, reducing reliance on conventional import channels while meeting India’s growing appetite for gold.

SBI Chairman C. S. Setty said the collaboration with IIBX reflects the bank’s leadership in financial innovation and aligns with the government’s broader vision of modernising the bullion ecosystem.

“This partnership not only reaffirms SBI’s pioneering role in the financial services sector but also helps redefine bullion imports, making them more cost-effective and aligned with global best practices,” Setty said. “It’s a moment of national pride that benefits the entire ecosystem — from importers to jewellers and consumers.”

The bank added that its engagement with IIBX underscores its strategic commitment to developing GIFT City as a global financial hub, while supporting the government’s efforts to formalise and modernise India’s gold trade.

By acting as a key intermediary on IIBX, SBI aims to boost liquidity, foster competitive pricing, and drive sustainable growth in the bullion and jewellery sectors. The initiative is also expected to encourage other nominated banks to join IIBX as special category clients, collectively strengthening India’s standing in the global gold market.