Profile
Settings
Refer your friends
Sign out
Why in news?
State Bank of India (SBI) has become the first bank to be a trading-cum-clearing member of the India International Bullion Exchange (IIBX) at GIFT City in Gujarat.
More about news:
- This allows SBI’s branch at GIFT City to conduct and settle trades on the IIBX platform on behalf of its clients.
- According to RBI guidelines, Indian bank branches at GIFT IFSC can act as trading and clearing members of IIBX.
- Special category clients can import gold through IIBX.
About India International Bullion Exchange (IIBX):
- 2022: Launched at the GIFT International Financial Services Centre (IFSC).
- It is India’s first bullion exchange.
- It refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins.
- Bullion can sometimes be considered legal tender, and is often held as reserves by central banks or held by institutional investors.
- It is regulated by the International Financial Services Centers Authority (IFSCA).
- Objective:
- to create a globally recognized bullion trading platform.
- to bring transparency, standardization, and cost efficiency to the bullion market.
International Financial Services Centers Authority (IFSCA):
|
