SBI expands bullion footprint: Bank joins India International Bullion Exchange as special category client; aims to boost transparency & efficiency

State Bank of India (SBI) on Saturday said it has executed its first gold trade as a special category client (SCC) on the India International Bullion Exchange (IIBX), marking a key step in reshaping India’s bullion import framework.The move, SBI said, signals “a transformative era” for the bullion trade by enhancing efficiency, transparency, and accessibility, especially for MSME jewellers, PTI reported. SBI, which became the first bank to join IIBX as a Trading-cum-Clearing (TCM) Member in 2024, said its new SCC status positions it to facilitate seamless bullion transactions for jewellers, bullion dealers, and other stakeholders.In a statement, the bank said its participation would help streamline gold imports through IIBX and reduce dependence on traditional channels, meeting the country’s rising demand for precious metals.SBI Chairman C S Setty said the partnership with IIBX reinforces the bank’s leadership role in financial services and aligns with the government’s goal of modernising the bullion ecosystem.“This collaboration not only reinforces the bank’s role as a pioneer in financial services but also contributes to reshaping bullion imports, making them more cost-effective and compliant with global standards,” Setty said.“It’s a moment of national pride, benefiting the entire ecosystem — from importers to consumers in the jewellery sector,” he added.SBI said its participation underscores a strategic focus on GIFT City as a global financial hub and supports government efforts to formalise and modernise the bullion trade.By acting as a key intermediary on IIBX, the bank aims to boost liquidity, competitive pricing, and sustainable growth across India’s bullion and jewellery sector. The initiative could also encourage other nominated banks to join IIBX as special category clients, collectively strengthening the country’s position in the global gold market, SBI said.