State Bank of India (SBI) executed its first gold transaction as a Special Category Client (SCC) on India International Bullion Exchange (IIBX), located at GIFT City, Gujarat. This marks a major step in India’s efforts to formalise and modernise the bullion trade, making gold imports more efficient, transparent, and compliant with global standards.
Key Highlights
| Aspect | Details |
| Event | SBI executes first gold trade as a Special Category Client (SCC) on IIBX |
| Date/Year | 2025 |
| Exchange Platform | India International Bullion Exchange (IIBX), GIFT City, Gujarat |
| Significance | Marks SBI’s formal entry into bullion trading as an SCC to boost transparency and streamline gold imports |
| Regulator | International Financial Services Centres Authority (IFSCA) |
| SBI’s Earlier Milestone | Became the first bank to register as a Trading-cum-Clearing (TCM) Member of IIBX in 2024 |
| Objective of SCC Membership | Facilitate import and trade of gold through formal channels, especially benefiting MSME jewellers, bullion dealers, and small traders |
SBI’s Role as a Special Category Client (SCC)
SBI’s SCC status enables it to import gold directly via IIBX, ensuring:
- Lower transaction costs and reduced dependency on traditional import routes.
- Improved price discovery and market transparency for jewellers and bullion dealers.
- Enhanced liquidity and greater efficiency in India’s bullion supply chain.
As an SCC, SBI acts as a key intermediary between IIBX and market participants, ensuring:
- Compliance with international best practices.
- Ease of access for small and medium jewellers.
- Encouragement for other nominated banks to join IIBX and expand participation.
Significance of Move
Boosts Transparency:
- Enables real-time price discovery and regulated gold trading under IFSCA supervision.
Supports MSMEs:
- Facilitates affordable and transparent gold imports for small and medium jewellers.
Strengthens Financial Inclusion:
- Aligns with SBI’s vision of expanding formal financial access to the bullion industry.
Encourages Formalisation:
- Promotes India’s shift from unorganised to regulated bullion trade.
Supports Make-in-India Goals:
- Strengthens domestic refining and sourcing ecosystem, complementing GIFT City’s role as an international financial hub.
Impact on Indian Economy
- Strengthens India’s position as a global bullion trading hub.
- Increases market integration and regulatory oversight.
- Supports Atmanirbhar Bharat by fostering a self-reliant and transparent bullion market.
- Empowers MSME jewellers with easier access to imported gold at global benchmark rates.
India International Bullion Exchange (IIBX)
| Parameter | Details |
| Launched On | July 29, 2022 by Prime Minister Narendra Modi |
| Location | GIFT City, Gandhinagar, Gujarat |
| Regulated By | International Financial Services Centres Authority (IFSCA) |
| Significance | India’s first International Bullion Exchange and one of the few globally regulated bullion trading platforms |
| Purpose | To provide a transparent, efficient, and international standard platform for gold and silver trading |
| Key Function | Enables qualified jewellers and banks to directly import bullion through regulated channels |
| Membership Types | Trading Member (TM), Clearing Member (CM), Trading-cum-Clearing Member (TCM), and Special Category Client (SCC) |
| Ownership | Promoted by India International Bullion Holding IFSC Ltd (IIBH), a joint venture of: CDSL (Central Depository Services Ltd) BSE Ltd NSE Ltd MCX (Multi Commodity Exchange of India Ltd) India International Exchange (INX) | |
Key Facts
| Topic | Static Facts for Exams |
| SBI (State Bank of India) | Established: 1 July 1955 Headquarters: Mumbai, Maharashtra Chairman (2025): Dinesh Kumar Khara (until his term ends) Type: Public Sector Bank Tagline: “The Banker to Every Indian” |
| IFSCA (Regulator) | Established: April 2020 Headquarters: GIFT City, Gujarat First Chairperson: Injeti Srinivas |
| GIFT City | Full Form: Gujarat International Finance Tec-City Located between Ahmedabad and Gandhinagar India’s first operational International Financial Services Centre (IFSC) |
| Bullion Meaning | Refers to precious metals like gold and silver in bulk form (bars, ingots, etc.), valued by weight and purity |
| Why IIBX was established | To reduce India’s dependence on overseas bullion exchanges (like London Bullion Market and Dubai Gold & Commodities Exchange) and ensure domestic price standardisation |