SBI Executes Inaugural Gold Trade On IIBX After Joining As Special Category Client
SBI Chairman C S Setty commented on the historic feat and said, "We are delighted to lead India’s bullion market by joining IIBX as Special Category Client and completing our first gold trade."
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India's largest public sector lender, State Bank of India announced that it executed its first gold trade on the India International Bullion Exchange IFSC Ltd via a press release on Saturday.
SBI joined as a Special Category Client and became the first PSU in this category to have conducted a gold trade, as per a press release by the bank.
SBI Chairman C S Setty commented on the historic feat and said, "We are delighted to lead India’s bullion market by joining IIBX as Special Category Client and completing our first gold trade."
He added that the collaboration will factor into reshaping the bullion imports to make them more cost-effective and compliant with global standards, along with reinforcing SBI's role as a pioneer in the financial services sector.
"It’s a moment of national pride, benefiting the entire ecosystem from importers to consumers in the jewellery sector", the Chairman stated.
According to the press release, the bank 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 as a special category client.
"By acting as a key intermediary, SBI aims to drive greater liquidity, competitive pricing, and sustainable growth in India’s bullion and jewellery industry", the release stated.
It added that other nominated banks may follow in SBI's footsteps to join as Special Category Clients and collectively address the growing demands of the sector.
The release also underlined that the bank's participation on IIBX underscores its strategic focus on GIFT City as a global financial hub and supports government initiatives to formalize and modernize the bullion trade.
About SBI
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also one of the largest mortgage lender in the country which has so far fulfilled the home buying dreams of around 30 lakh Indian families.
