Chandigarh – May 13, 2024: The country’s largest commercial bank, State Bank of India (SBI) has announced that it has secured the distinction of being the first bank to become a Trading cum Clearing (TCM) Member at India International Bullion Exchange. India International Bullion Exchange (IIBX) is a visionary initiative aimed at establishing a world-class platform for trading in precious metals. By becoming the first Trading Cum Clearing Member of IIBX, SBI reinforces its position as a key player in shaping GIFT City as the future of India's financial markets.

On this development, Mr Dinesh Khara, Chairman, SBI, expressed his unwavering commitment to developing IFSC Gift City as a world class financial centre and said that “As the leading financial institution in India, SBI has consistently been on the forefront in revolutionizing the banking landscape. This step marks a change in India’s Bullion Market, ushering transparency, efficiency, and accessibility in the bullion trading market and this significant milestone solidifies SBI's commitment to innovation and excellence in the financial sector.”