SBI, which became a Trading-cum-Clearing Member of IIBX in 2024, aims to facilitate seamless import of precious metals while supporting the emergence of GIFT City as a global financial center | Photo credit:
State Bank of India (SBI) on Saturday announced that it will conduct its first gold transaction as a special category customer (SCC) on the India International Bullion Exchange (IFSC) Ltd.
This event heralds a transformative era for precious metal imports in India, increasing efficiency, transparency and accessibility for the sector, especially the MSME jewellers, SBI said in a statement.
SBI was also the first bank to become a Trading-cum-Clearing (TCM) member of the India International Bullion Exchange in 2024, the bank said.
Bank must encourage transparent, efficient imports of precious metals
As a special category customer, SBI is positioned to enable seamless precious metal transactions, support jewelers, precious metal dealers and other stakeholders in importing gold through IIBX and meet the escalating demand for precious metals across the country, the report said.
This move is in line with SBI’s commitment to innovation and financial inclusion, leveraging IIBX’s advanced infrastructure to streamline imports and reduce dependence on conventional methods, it added.
SBI Chairman CS Setty said this partnership not only strengthens the bank’s role as a pioneer in financial services but also helps reform precious metal imports, making them more cost-effective and compliant with global standards.
It is a moment of national pride that benefits the entire ecosystem, from importers to consumers in the jewelery sector, he said.
SBI aligns with the vision of Make in India and GIFT City
SBI’s participation in IIBX underlines the strategic focus on GIFT City as a global financial center and supports government initiatives to formalize and modernize the precious metals trade.
By acting as a key intermediary, SBI aims to drive greater liquidity, competitive pricing and sustainable growth in the Indian precious metals and jewelery industry, adding that this may also encourage other nominated banks to join IIBX as Special Category Clients to jointly meet the growing demand of this dynamic sector.
Published on November 1, 2025
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