SBI’s First IIBX Gold Trade as Special Category Client
Why in the news
SBI completed its first gold deal as an SCC on IIBX, a step towards a more formal and transparent bullion market.
Key facts
- Earlier, in 2024, SBI was the first bank to register as a Trading-cum-Clearing Member (TCM).
- As SCC, a bank eases bullion deals for importers, jewellers, dealers and MSMEs.
- Benefits: simpler imports, less dependence on conventional channels, cost efficiency, transparency.
About IIBX
| Aspect | Detail |
|---|---|
| Nature | India’s first electronic bullion trading platform |
| Seat | GIFT City, Gujarat |
| Metals | Gold, silver, other precious metals |
| Aims | Better price discovery, liquidity, global standards |
Exam angle
- Acronyms: SCC, TCM; first bank TCM on IIBX: SBI.