The State Bank of India (SBI) has achieved a major milestone in the country’s bullion trade by executing its first gold transaction as a Special Category Client (SCC) on the India International Bullion Exchange (IIBX). The development marks a key step toward enhancing efficiency, transparency, and formalisation in India’s precious metals market.
SBI’s Landmark Move in Bullion Trading
SBI’s entry as a Special Category Client follows its earlier milestone in 2024, when it became the first bank to register as a Trading-cum-Clearing (TCM) Member on the IIBX platform at GIFT City.
The inaugural gold trade represents a transformative moment for the Indian bullion ecosystem, paving the way for smoother and more transparent imports for jewellers, bullion dealers, and MSMEs.
As an SCC, SBI will enable streamlined bullion transactions through IIBX, reducing dependence on traditional import channels and supporting the government’s vision to modernise and formalise bullion trade while maintaining cost efficiency and global compliance.
Driving Efficiency and Industry Growth
According to news reports, SBI Chairman C.S. Setty described the initiative as a “moment of national pride,” highlighting its role in strengthening India’s ambition to position GIFT City as a global financial hub.
The partnership underscores SBI’s leadership in financial innovation, enhancing liquidity, pricing efficiency, and accessibility across the bullion and jewellery value chain — from importers and wholesalers to end consumers.
SBI’s active participation is expected to catalyse broader institutional engagement with IIBX, encouraging more banks and financial entities to join as Special Category Clients and collectively driving India’s integration with international bullion markets.
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