HDFC Bank Does India’s First Gold Forward Deal at GIFT City
Why in the news
HDFC Bank did the first gold forward trade by an Indian bank from GIFT City, Gujarat.
Key facts
- Counterparty: Hindustan Platinum, a precious-metals refiner.
- Done by HDFC’s International Banking Unit (IBU) on the Indian International Bullion Exchange (IIBX).
- A gold forward locks a price today for a future buy or sell, hedging price swings.
Significance
- New hedging route for onshore entities.
- Boosts bullion-market confidence and liquidity, and GIFT City’s standing as a hub.
About HDFC Bank
| Item | Detail |
|---|---|
| Founded | 1994 |
| Headquarters | Mumbai |
| MD and CEO | Sashidhar Jagdishan |
| Tagline | “We understand your world” |
Exam angle
- Exchange: IIBX at GIFT City.
- Counterparty: Hindustan Platinum.