(MENAFN- KNN India) New Delhi, Nov 4 (KNN) State Bank of India (SBI) has carried out its first gold trade as a Special Category Client (SCC) on the India International Bullion Exchange (IIBX).

The bank, which became the first Trading-cum-Clearing Member on the exchange in 2024, said the move underscores its commitment to strengthening India's bullion ecosystem and supporting MSME jewellers and bullion dealers.

As an SCC, SBI will facilitate smoother gold import transactions via IIBX, reducing dependence on traditional channels and enhancing efficiency in the supply chain.

SBI Chairman C.S. Setty said the initiative reflects the bank's leadership in financial innovation and will help make bullion imports more cost-effective and globally compliant, reported PTI.

He said the partnership further strengthens SBI's leadership in the financial sector while helping transform bullion import processes, ultimately benefiting stakeholders across the jewellery industry.

The bank added that its participation is aligned with the government's vision to position GIFT City as a global financial hub and to formalise and modernise the domestic bullion trade.

SBI expects the move to increase liquidity, improve price competitiveness and potentially encourage other nominated banks to join IIBX as special category clients, thereby strengthening India's bullion and jewellery industry.

(KNN Bureau)

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