Facts for Prelims (FFP)
Source: Business Line
Context: The 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.
- 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, and special category clients can import gold through IIBX.
About India International Bullion Exchange (IIBX):
- The IIBX is located at the GIFT City (Gujarat International Finance Tec-City) in Gandhinagar, Gujarat.
- GIFT City is a planned business district aimed at becoming a global financial and IT services hub.
Purpose: The primary objective of the IIBX is to create a globally recognized bullion trading platform. It aims to bring transparency, standardization, and cost efficiency to the bullion market, benefitting various stakeholders, including miners, importers, banks, and jewellers.
